D. coping with scarcity, and choices made as a result of scarcity in a society.
<h2>Economics</h2>
- Economics is a social science that studies how products and services are produced, distributed, and consumed.
- It investigates how individuals, businesses, governments, and nations make resource allocation decisions.
- The study of economics is best described as a study of D. coping with scarcity, and choices made as a result of scarcity in a society.
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Answer:
False.
Explanation:
The total cost of ownership can be defined as the acquisition cost of an asset and the cost of it's operation. It takes into account the total value of the asset. Before making a decision on the asset one wants to purchase, the total cost of ownership should be assessed. Most buyers make the mistake of only considering the purchase cost of an item without considering other operational and maintenance cost over the items useful life. For example, one might decide to pick a cheap alternative based on it's low purchase cost and later realize very hefty operation and maintenance cost. It is therefor prudent for buyers to consider not only the short-term cost which is the price but also the long-term cost that will be incurred over the item's useful life.
Most companies in business that want to purchase an equipment usually consider the total cost of ownership to determine the best alternative in terms of long-term value. By doing a total cost of ownership analysis, the company tends to have a holistic view of all the direct and indirect costs.
Answer:
Scarcity refers to the basic economic problem, the gap between limited that is, scarce resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible.
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Answer:
$389,100
Explanation:
Calculation to determine what the correct balance for ending inventory on December 31 is:
Using this formula
Ending inventory on December 31=Ending inventory balance-Office supplies
Let plug in the formula
Ending inventory on December 31=$414,500- $25,400
Ending inventory on December 31=$389,100
Therefore the correct balance for ending inventory on December 31 is:$389,100
Answer:
The correct answer is (A)
Explanation:
Glumland's planned investment was $100billion before they started the business. During the period, the investment increased from $100billion to $140 billion. So, the difference between planned and actual investment is;
$140 b - $ 100b = $40 b
The difference is $40 billion, which is also the unplanned inventory because unplanned inventory is the difference between planned and actual cost or investment.
