Answer:
1.71 household items
Explanation:
In this question, we learn that the family will only consume two goods: outings and household items. The family can either have access to 14 outings or 24 household items. This means that:
opportunity cost of 14 outings = opportunity cost of 24 household items
Therefore,
opportunity cost of 1 outing = 1.71 household items
Answer:
Debit: $300
Credit: $300
Explanation:
See attached picture for explanation.
Answer:
Economic theory' five pillars are opportunities, trade-offs, the expense of opportunity, marginal valuation as well as the theory of value-creating exchange.
In simple words, opportunity cost refers to the cost of losing profits by choosing one alternative over the other. Thus, if Caroline choose to got to music concert, her opportunity cost would be the loss of privilege to be at shopping or dinner. Same applies to other two options.
A) This is an example of how objectively undefinable needs are.
Answer:
a) Theory Y
Explanation:
Crater Valley Manufacturing has adopted the theory Y management approach. Theory Y proposes a participative management style, teamwork, and decentralization of the decision-making process. In the theory Y approach, managers encourage employees initiatives that will contribute to the success of the organization. Theory Y tries to match the organizations' objectives with the employees' aspirations.
<u>Some of theory Y assumption include</u>
- Employees have a natural tendency to work and play.
- Employees have self-direction and self-discipline in pursuit of organizational goals without external coercion or threats.
- An average person seeks and accepts responsibilities.
- Employee loyalty and commitment is as a result of job satisfaction and job reward.
