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BartSMP [9]
3 years ago
8

When economists say that the demand for labor is a derived demand, they mean that it is Group of answer choices dependent on gov

ernment expenditures for public goods and services. related to the demand for the product or service labor is producing. based on the desire of businesses to exploit labor by paying below equilibrium wage rates.
Business
1 answer:
Katen [24]3 years ago
8 0

Answer:

related to the demand for the product or service labor is producing.

Explanation:

Factors of production can be defined as the fundamental building blocks used by individuals or business firms for the manufacturing of finished goods and services in order to meet the unending needs and requirements of their customers.

In Economics, there are four (4) main factors of production and these are;

I. Land.

II. Labor (working).

III. Capital resources.

IV. Entrepreneurship.

Labor refers to the human capital or workers who are saddled with the responsibility of overseeing and managing all the aspects of production.

Generally, when these aforementioned factors of production are combined effectively and efficiently, they can be used for the manufacturing or production of goods and services to meet the unending requirements or needs of the consumers.

Typically, when economists say that the demand for labor is a derived demand, what they do really mean is that, this demand for labor is related to the demand by the consumers for the product or service labor is producing.

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For each item listed below, indicate in the space to the right whether the item would be considered a product cost or a period c
Katena32 [7]

Answer:

1. Factory supervisory salaries  <u><em>Production Cost</em></u> Factory Overhead

2. Sales commissions Period Cost Selling expense

3. Income tax expense Period Cost tax expense

4. Indirect materials used <u><em>Production Cost</em></u> Factory Overhead

5. Indirect labor <u><em>Production Cost </em></u>Factory Overhead

6. Office salaries expense Period Cost Administrative expense

7. Property taxes on factory building <em><u>Production Cost</u></em><em> </em>Factory Overhead

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10. Direct materials used   <em><u>Production Cost</u></em> Direct Materials

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A period cost is any cost that cannot be capitalized into prepaid expenses, inventory, or fixed assets

Period cost goes straight to expense account

While

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