Answer:
The statement is: False.
Explanation:
The Gross Domestic Product or GDP is the metric that measures the performance of an economy over a period. The components of the GDP are private consumption, government expenses, investments, and net exports (exports minus imports).
Goods and services produced in previous periods are not considered in the GDP of the current period. Thus, in the case, <em>George's house revenue after the sale will not be part of the GDP. However, </em><u><em>the commission George has to pay to the real estate agent will be considered in the current year's GDP</em></u><em>.</em>
If you have a total consumption budget for each month, then at least consumption budget of between three to six months should be put in your emergency fund account to cater for financial dilemma which may occur at any time due to loss of job or other factors. After this, you can now start saving toward long term goals by saving at least 10% of your income.
Answer:
This is a part of my Economic Resources doc and I'm not sure about the second part of the question but I hope it helps!
Explanation:
Ｅｃｏｎｏｍｉｃ Ｒｅｓｏｕｒｃｅｓ
For a firm (producer) to make any product, it needs to use ECONOMIC RESOURCES. These are INPUTS to be used together or combined efficiently to produce goods/services.
Ｗｈａｔ ｙｏｕ ｎｅｅｄ ｔｏ ｋｎｏｗ：
What is a PRODUCER?
a person, franchise, brand or country etc. that makes, grows, or produces goods and services for sale to customers or consumers.
What is a RESOURCE?
a stock or supply of goods, materials, and products that can be bought by a person or organization in order to function effectively.
What is an ECONOMIC resource?
Natural supplies that can be used to make a product. It is important for the success of the company.
Ｃｌａｓｓｉｆｉｃａｔｉｏｎ ｏｆ Ｅｃｏｎｏｍｉｃ Ｒｅｓｏｕｒｃｅｓ：
Natural resources (LAND)
Natural resources are ones who are not man made and are there naturally. This could be land, light, water, electricity, etc.
Human resources (LABOUR)
Capital resources (CAPITAL)
Entrepreneurship (ENTERPRISE)
Answer:
Purchases= 19,625 pounds
Explanation:
Giving the following information:
Production in units:
February= 20,000
March= 18,500
The inventory of materials at the end of each month should equal 25% of the following month's production needs.
<u>To calculate the purchases of raw materials, we need to use the following formula:</u>
Purchases= production + desired ending inventory - beginning inventory
Purchases= 20,000 + (18,500*0.25) - (20,000*0.25)
Purchases= 19,625 pounds
In the cash flow statement financing activities refer to the flow of cash between a business and its owners and creditors.
