Answer:
1. <u>implicit cost</u>
2.<u> explicit cost</u>
3. <u>implicit cost</u>
4. <u>explicit cost</u>
Explanation:
Implicit costs refer to those costs that represent opportunity cost. In simple terms they are notional or those which haven't been actually incurred but considered.
Opportunity costs refer to the cost of sacrificed alternatives when an alternative is opted for. For instance, a student pursuing post graduation incurs implicit cost in the form of income foregone had he chosen to work instead for the same duration.
In the given case, the foregone rental income Jacques would've earned had he chosen to rent out his showroom represents opportunity cost or implicit cost.
Similarly, the salary Jacques sacrificed by working in boat business represents implicit cost.
The wages and utility bills that Jacques pays and wholesale cost which he pays represent costs which have actually been incurred, which are termed as explicit costs.
Answer:
<em><u>Fleis</u></em><em><u>h</u></em><em><u>man</u></em><em><u> </u></em><em><u>Job </u></em><em><u>Analysis</u></em><em><u> </u></em><em><u>System</u></em>
Explanation:
<em>Fleishman Job Analysis </em><em>System.</em><em> </em><em>Job </em><em>analysis</em><em> </em><em>technique</em><em> </em><em>that </em><em>asks </em><em>subject</em><em>-</em><em>matter </em><em>expert</em><em>s</em><em> </em><em>to </em><em>evaluate</em><em> </em><em>a </em><em>job </em><em>in </em><em>t</em><em>erms </em><em>of </em><em>the </em><em>abilities</em><em> </em><em>required</em><em> </em><em>t</em><em>o </em><em>perform </em><em>the </em><em>job.</em><em> </em><em>-</em><em> </em><em>use</em><em>f</em><em>ul </em><em>for </em><em>employee </em><em>selection</em><em>,</em><em> </em><em>training</em><em>,</em><em> </em><em>and </em><em>car</em><em>e</em><em>er </em><em>development</em><em> </em><em>Competency.</em><em> </em><em> </em><em> </em>
If a government is trying to encourage economic growth, they would do all of these things except raise taxes. Raising taxes has the opposite effect and will slow growth because it takes more money out of the economy that could be used for growth and expansion.
Answer:<u><em> Elle's coffee has lots of close substitutes while coffee has few substitutes, so the demand for Elle's coffee is more elastic than the market demand for coffee.</em></u>
Here, it can be seen that when Elle's Espresso Bar raised its price by 10 percent, the quantity of coffee that Elle sold decreased by 40 percent, whereas when Elle and all her competitors cut their prices by 10 percent, the quantity of coffee sold by Elle increased by only 4 percent.
∴<em><u> The demand for Elle's coffee is more elastic than the market demand for coffee.</u></em>
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Answer:
The normal balance of each account will depend on the type on account involved.
Explanation:
The double-entry system of accounting imlpies that transactions recorded shlooud involve two movements; a corresponding debit entry for a credit entry, though some transactions have more than two entries.
However, by way of rule, a normal balance increases the account and on the opposite of that account, the amount decreases so as to obtain a balance in its rightful position.
Thus, asset accounts will have debit balances, liabilities and capital accounts will have credit balances, income account will have credit balances due to its additional effect on capital, while expenses and withdrawals will have debit balances because they reduce capital.
