All categories

3 years ago

Economics is the study of:

Business

2 answers:

VashaNatasha [74]3 years ago

6 0

Answer:

C)How goods and services are produced.

o-na [289]3 years ago

4 0

Answer:

A)How natural resources are created

ANS- Natural resources are derived from the environment. ... Biotic natural resources also include fossil fuels such as coal and petroleum which are formed from organic matter that has decayed. Abiotic: these resources come from non-living and non-organic material

B)How societies make choice

ANS-making choices in the presence of scarcity since our wants are unlimited and there are limited resources for fulfilling the wants. Explanation: Economics involves the making of choices of fulfilling the wants between the resources which are scarce to satisfy the most urgent of our infinite wants.

C)How goods and services are produced

ANS -Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

D)How people create wealth using scar resources

ANS-Scarcity refers to a basic economics problem—the gap between limited 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. Any resource that has a non-zero cost to consume is scarce to some degree, but what matters in practice is relative scarcity. Scarcity is also referred to as "paucity."

please mark me as Branliest answer

You might be interested in

Phillip owns a large real estate firm. He imparts training to the managers of the firm to help them effectively manage its multi

Flauer [41]

Answer:

A. skills-based diversity training

Explanation:

Based on the information provided within the question it seems that Phillip is using skill based diversity training in this scenario. This refers to a training approach that focuses on dealing with diversity in multiethnic workforces and providing the necessary skills to solve various types of problems within them. Which is exactly what is happening in this situation.

4 0

4 years ago

Jamie Nelson works for a telephone company. She is interested in determining the satisfaction of the customers with the service

Bas_tet [7]

Answer:

Explanation:

3 0

3 years ago

In the text, Curves is an example of which path? a. Looking across alternative industries b. Looking across strategic groups wit

Elena L [17]

Answer:

The correct option is D) Looking across complementary offerings

Explanation:

There are about 6 well-known paths to achieving a Blue Ocean Strategy.

Generally, the Blue Ocean Strategy (BOS) seeks to avoid locking horns with the competition by identifying niche areas that are critical to the attainment of a competition-free space. According to the BOS took kit, there are 6 paths to achieving a blue ocean strategy.

One of them is called looking across complementary offerings.

Another term for the Curve is Value Ramp. Value Ramp simply refers to a methodology for evaluating one's service/product offerings. It consists of a graph that plots a curve sloping upwards from left to right, showing the relationship between price and the value or perception of value being delivered by the business.

The principle offered here stated that the higher the perception of one's brand, the more one should be able to charge for their services.

Value is thought to increase as the business delivers more and more personalized services in a relationship-oriented fashion rather than generic products and services which are readily available off the shelf in most cases.

Cheers

7 0

3 years ago

Cotton White, Inc., makes specialty clothing for chefs. The company reported the following costs for 2018: Factory rent $ 42,000

Doss [256]

Answer:

Results are below.

Explanation:

1) Direct materials are those materials and supplies that are consumed during the manufacture of a product, and which are directly identified with that product.

Direct material= Thread + Premium quality cotton material + Buttons

Direct material= 1,000 + 42,000 + 750

Direct material= $43,750

2) Direct labor is production or service labor that is assigned to a specific product, cost center, or work order. 

Direct labor= Wages paid to seamstresses + Wages paid to cutters Direct labor= 75,000 + 50,000

Direct labor= $125,000

3) Manufacturing overhead refers to indirect factory-related costs that are incurred when a product is manufactured.

Manufacturing overhead= Factory rent + Utilities for factory + Cutting room supervisor's salary + Factory insurance + Depreciation on sewing machines

Manufacturing overhead= 42,000 + 22,000 + 30,000 + 15,000 + 6,000

Manufacturing overhead= $115,000

4) Total manufacturing costs= 43,750 + 125,000 + 115,000

Total manufacturing costs= $283,750

5) Prime cost= direct material + direct labor

Prime cost= 43,750 + 125,000

Prime cost= $168,750

6) Conversion cost= direct labor + MOH

Conversion cost= 125,000 + 115,000

Conversion cost= $240,000

7) Period costs are not directly tied to the production process. Overhead or sales, general, and administrative (SG&A) costs are considered period costs. SG&A includes costs of the corporate office, selling, marketing, and the overall administration of company business.

Period costs= Company advertising + Depreciation on salespersons' vehicles + President's salary

Period costs= 18,000 + 25,000 + 75,000

Period costs= $118,000

8 0

3 years ago

What does it mean to have an "absolute advantage” in production?

Shalnov [3]

Answer:

In economics, the principle of absolute advantage refers to the ability of a party (an individual, or firm, or country) to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources

(i.e : India has an absolute advantage in operating call centers compared to the Philippines because of its low cost of labor and abundant labor force.)

Explanation:

5 0

4 years ago