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3 years ago

What is the term for when businesses produce goods and services that consumers do not want

Business

1 answer:

tino4ka555 [31]3 years ago

4 0

Answer:

Productive (technical) inefficiency.

Explanation:

A market failure can be defined as a situation in which the market fails to produce an efficient level of productivity or output that is required to meet consumer demand.

This ultimately implies that, a market failure arises when there is inefficiency in the distribution or allocation of goods and services in a free market.

In Economics, there are two types of inefficiency associated with the production of goods and services, these includes;

1. Allocative inefficiency: it occurs when businesses do not maximise output from the given inputs. Thus, it arises when businesses fail to increase the level of their production or productivity from a number of given inputs.

In conclusion, allocative inefficiency typically occurs when the price of a good or service isn't equal to its marginal cost i.e P ≠ MC.

2. Productive (technical) inefficiency: it occurs when businesses produce goods and services that consumers do not want. This is typically as a result of the incorrect and inefficient allocation of scarce resources by a business firm or entity.

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On January 1, 2021, Red Flash Photography had the following balances: Cash, $19,000; Supplies, $8,700; Land, $67,000; Deferred R

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Answer:

Red Flash Photography

Balance Sheet as at January 1, 2018,

Assets

Cash,............... $26,000

Supplies,........... $9,400

Land, ........ .......$74,000

Total..................109, 400

Capital and Liabilities

Deferred Revenue... $6,400

Common Stock..... ..$64,000

Retained Earnings...$39,000.

Total............................109,400

Red Flash Photography

Balance Sheet as at 31st December 2018

Revised Balance Sheet on 31st December 2018

Assets

Cash..........................................42,600

Account Receivable............ 44,000

Supplies....................................15,800

Land..........................................74,000

Prepaid Rent............................19,500

Total........................................... 195,900

Capital & Liabilities

Common Stock ......................98,000

Retained Earnings.................56,500

Accrued Wages........................5,400

Accounts Payable...................36,000

Total........................................... 195,900

Explanation:

1. February 15 Issue additional shares of common stock, $34,000.

ADD 34,000 TO EQUITY, AND TO CASH

2. May 20 Provide services to customers for cash, $49,000, and on account, $44,000.

LESS 49,000 FROM CASH AND ADD TO RETAINED EARNINGS AS INCOME, ADD 44,000 AS ACCOUNT RECEIVABLES AND ADD TO INCOME IN RETAINED EARNINGS

3. August 31 Pay salaries to employees for work in 2018, $37,000.

LESS 37,000 FROM CASH AND FROM RETAINED EARNINGS

4. October 1 Purchase rental space for one year, $26,000.

LESS FROM CASH AND FROM RETAINED EARNINGS

5. November 17 Purchase supplies on account, $36,000.

ADD TO STOCK, ADD TO ACCOUNTS PAYABLES

6. December 30 Pay dividends, $3,400.

LESS FROM CASH AND FROM RETAINED EARNINGS

The following information is available on December 31, 2018:

1. Employees are owed an additional $5,400 in salaries.

ADD TO ACCRUED SALARIES,LESS FROM RETAINED EARNINGS AS EXPENSES INCURRED IN THE PERIOD

2. Three months of the rental space has expired.

CREATE PREPAID RENT FOR 3/4 OF RENT (19,500) AND LESS 6500 FROM RETAINED EARNINGS AS EXPENSE FOR THE PERIOD

3. Supplies of $6,400 remain on hand.

LESS 19600 (26,000-6400) FROM SUPPLIES AND FROM RETAINED EARNINGS AS EXPENSE FOR THE PERIOD

4. All of the services associated with the beginning deferred revenue have been performed.

DELETE DEFERRED REVENUE OF 6,400 AND ADD SAME AMOUNT TO RETAINED EARNINGS AS INCOME EARNED

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3 years ago

From the following list of selected items taken from the records of Rosewood Appliance Service as of a specific date, identify t

elena55 [62]

Answer:

Explanation:

We summarize the assets and liabilities in the classified balance sheet into various types Like assets are divided into fixed assets, current assets, and intangible assets.

Liabilities are likewise divided into current liabilities, long-term liabilities The accounting equation is used in any balance sheet which means

Total assets = Total liabilities + shareholder equity

So, the accounts which are appeared on the balance sheet are shown below:

1. Accounts Payable = Current liabilities

2. Accounts Receivable = Current assets

3. Andrew King, Capital = Stockholder equity

4. Cash = Current assets

5. Land = Fixed assets

6. Supplies = Current assets

7. Wages Payable = Current liabilities

All other are related to the income statement. Therefore, ignored it

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3 years ago

The managers of Danestump, a hardware manufacturing company, are expected to follow standing plans before approving long leaves

Hitman42 [59]

Answer: Procedures

Explanation:

From the given case/scenario, we can state that the standing plan can be referred to as procedures. A procedure is referred to as a document or act that is written in order to support a policy. It is mostly designed in order to describe where,who, what, when, and why through means of building corporate accountability in inclination to implementation of the policy.

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Sean, age 37, wants to maximize his 2021 Roth IRA contribution and purchase as much Beyond Meat stock as possible. If BYND stock

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37 shares that he can purchase

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3 years ago

The differences between Golden Harvest brand canning jars and Mason brand canning jars is not readily visible. Both are made of

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Full question:

The differences between Golden Harvest brand canning jars and Mason brand canning jars is not readily visible. Both are made of heavy glass that will not break easily. Through its advertising, Golden Harvest advertises that its jars are made with a glass that is 100 percent free of all impurities. In this way, Golden Harvest is using _____ to differentiate its product from those of the Mason brand.

A. hidden difference

B. differentiation cue

C. imperceptible difference

D. sensory cue

E. Perception filter

Answer:

In this way, Golden Harvest is using hidden difference to differentiate its product from those of the Mason brand.

<h3>Explanation:</h3>

Advertising is the usual means of obtaining a good and service perceived to a public. Hidden differences are the ones where the customers don't know what these variations are so that's why they have to be advertised. Hidden differences are not easily manifest.

Product differentiation is a purchasing plan that aims to recognize a company's goods from the opponent. Auspicious product differentiation includes recognizing and expressing the individual features of a company's presents while highlighting the clear differences among those offerings and others on the market.

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3 years ago

What is the term for when businesses produce goods and services that consumers do not want​

What is the term for when businesses produce goods and services that consumers do not want