Answer:
The best way to find terms of trade that will ensure that two entities are in the best terms of trade will be to look at the opportunity costs of the various products they produce.
A high opportunity cost in one product relative to that of the other entity means the entity with the higher opportunity cost should be trading with the entity with the lower opportunity cost and vice versa.
For example, assume that an entity "A" produces both rice and beans whilst an entity "B" also produces rice and beans too.
If the opportunity cost to A of producing Beans is 300 bags of rice whilst the opportunity cost to B of producing Beans is 120 bags of rice, and the opportunity cost to A of producing rice is 180 bags of beans whilst it is 250 bags of beans to B, the principles of comparative advantage require that A should focus more on producing rice and purchase beans from B whilst B should focus more on producing beans and purchase rice from A.
Cheers!
<span>The process in which specific parts reach a specific facility and arrive on time is known as,"Inbound Logistics".</span>
Answer:
Anyone who is injured by a defective product may sue the manufacturer, merchants, and all others who handled the product.
Explanation:
Strict liability means that an injured party may sue another even when they don not prove a case against them. A party is held liable for injuries from a certain activity.
For example a company that produces tools may be held liable when the machinery it produces causes injury during use by the injured party.
The injured party need not prove negligence of the defendant.
In this instance MakerMan Manufacturing is liable for the hammer that injured one of Rob's coworkers while they were using it.
Strict Liabilities are classified into 3: animals owned, product liability, and abnormally dangerous acts.
Explanation:
1. The journal entry is as follows:
On March 1
Prepaid insurance A/c Dr $36,000
To Cash A/c $36,000
(Being the prepaid insurance is recorded for cash)
For recording the advance purchase of insurance, we debited the prepaid insurance and credited the cash account. Both the accounts are recorded at $36,000 so that the proper posting could be done.
Answer:
compares the efficiency and effectiveness of your business processes against strict standards.
Explanation:
Benchmarking is a process of measuring the performance of a company’s products, services, or processes against those of another business considered to be the best in the industry, aka “best in class.” The point of benchmarking is to identify internal opportunities for improvement.
