Explanation:
Delegation of authority is a process that enables a person to assign a task to others. As a manager or leader, you're expected to perform several tasks and meet multiple deadlines. To ensure that you achieve your objectives on time, you delegate responsibility to your team members
It is true that the general increase in prices over time we pay for goods and services is known as inflation.
<h3>What is inflation?</h3>
Inflation is the term used to describe an increase in the price of goods and services that households buy. It is determined by how quickly these prices fluctuate. Prices frequently rise with time, but they can also fall (a situation called deflation).
The main categories of inflation are as follows:
Demand-pull inflation: It explains how rising prices for products and services can result from increased demand. People will typically pay more for something if there is a shortage of it.
Cost-push inflation: When demand-pull inflation is active, it frequently starts up. Businesses must raise their pricing as a result of rising raw material costs, regardless of market demand.
Built-in inflation: Employees may start requesting pay increases from their employers as demand-pull inflation and cost-push inflation take place. Employers risk experiencing a labor scarcity if they don't keep their pay competitive.
Built-in inflation occurs when a company increases employee wages or salaries while also trying to maintain profit margins by boosting prices.
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The economy is hit with a positive oil price shock in one period that raises the level of oil prices permanently. if adaptive expectations hold, this wil shift the AS curve up initially and then shift the AS curve back to original position in the following period.
<h3>What is the AS curve?</h3>
The aggregate supply curve describes the amount of real GDP that the economy supplies at different price levels. The reasoning used to construct the aggregate supply curve is different from the reasoning used to construct the supply curves of individual goods and services. The supply curve for a single good is constructed under the assumption that the prices of production inputs remain unchanged. If the price of good X rises, the unit cost for sellers to supply good X does not change, so sellers are willing to supply more of good X - so the supply curve for good X shifts upward. However, the aggregate supply curve is determined based on the price level. An increase in the price level increases the price producers receive for their output and thus increases production.
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Answer:
Explanation:
The journal entry is shown below:
Land A/c Dr $470,500
Land Improvement A/c Dr $87,800
Building A/c Dr $1,452,200
To Cash A/c $2,010,500
(Being these costs are recorded)
The computation of the land is shown below:
= Purchase cost of new plant + tear down cost + fill and level the lot cost
= $390,000 + $33,500 + $47,000
= $470,500
