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2 years ago

Why do businesses compete in free enterprise system?

Business

1 answer:

Bingel [31]2 years ago

3 0

Answer:

Businesses in free enterprise systems compete with each other to produce better products at better prices. Competition leads to innovation, new ideas and a more competitive market. Competiting allows businesses to control themselves and their ideas in an <em>efficent manner. </em>

<em>However, competition in the free enterprise systmem leads to lower wages and income.</em> It leads to the best product at the lowest price. It leads to a variety of products available to the consumer.

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Pollution from a factory that produces cleaners is a(n) _____ of the production process.

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Answer: Externality

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Under normal conditions (75% probability), financing plan a will produce $25,000 higher return than plan

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<span>wanted independent control of their own affairs</span>

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4 years ago

The Elmo Company purchased equipment on January 1, Year 1 at a cost of $26,000. The equipment was estimated to last for 8 years

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Answer:

The Elmo Company

a. The amount of the depreciation expense recorded in year 1 = $3,000

b. The amount of the depreciation expense recorded in year 6 = $1,500

Explanation:

a) Data and Calculations:

Cost of equipment on January 1, Year 1 = $26,000

Estimated useful life = 8 years

Salvage value = $2,000

Depreciable amount = $24,000 ($26,000 - 2,000)

Annual depreciation expense = $3,000 ($24,000/8)

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3 years ago

For questions 1-10, fill in the blank with the letter of the term that best matches the description.

LuckyWell [14K]

Following are the correct terms for the descriptions provided.

1. Coverage

2. Risk Management

3. Insurer

4. Premium

5. Liability

6. Policy

7. Actuary

8. Claim

9. Deductible

10. Insurance

<h3>Explanation</h3>

The correct answers for the explanation given in the question is described above.

An Insurance Company is called an Insurer, its products are called policy, they provide coverage for loss, this is a type of risk management, a person calculating all the figures is known as an Actuary, monthly or annually premiums are payable and claim can be made once the insured condition is met.

<h3 />

Therefore the answers are following

1. Coverage

2. Risk Management

3. Insurer

4. Premium

5. Liability

6. Policy

7. Actuary

8. Claim

9. Deductible

10. Insurance

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