A pure market economy in a theoretical concept in that it has never really existed. In a pure market economy producers create what they want at a price consumers will pay. Consumers pay what they want. The key is no regulation.
The practice of creating a liability when a company incurs an expense that cannot be directly linked to a specific accounting period most likely refers to companies may recognize such expenses in periods during which profits are high, as they can afford to take the hit to income, with a view to reducing the liability (the reserve) in future periods during which the company may struggle.
A liability is something that an individual or company owes, usually a monetary amount. Liabilities are settled over time by the transfer of economic benefits, including money, goods, or services.
Current liabilities are short-term financial obligations of a company that matures within one year or within the normal business cycle. The operating cycle, also known as the cash conversion cycle, is the time it takes a company to purchase inventory and convert sales into cash.
In general, mitigating the risk of legal liability requires acting lawfully and taking clear responsibility for the well-being of others (groups that include customers or clients, competitors, and the general public).
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Answer:
Courts Distributors and Eastinghouse Corporation
Dispute over Contract Price
The two parties have a legal contract. The contract was established when Courts requested Eastinghouse to send the refrigerators and bill later.
The exact price for the contract is in dispute. This dispute can be resolved between the parties. Reference to the market price will help resolve the dispute, otherwise, the parties may seek alternative dispute resolutions, like litigation, mediation, or arbitration.
Explanation:
a) Data and Analysis:
Eastinghouse's invoice price for the refrigerators = $140,000
Courts' adopted market price = $120,000
b) Since Courts' reference to the price is with regard to the wholesale market price, it may be that Eastinghouse quoted the retail price instead. Since Courts is a distributor, it has the right to be charged a wholesaler's price and not a retailer's. Therefore, we can conclude that after due reference to the prevailing market price of similar refrigerators, the two parties may agree to a price of $120,000 or a little higher.
One accommodation that her employer can implement is that whenever a customer has a question of some sort that another employee is available to take over and answer the question.
Another accommodation that her employer could could simply have a system where they can not only communicate with the customers but also hand them over without any complications.
<h3>How do employees communicate with customers?</h3><h3>7 Rules for Effective Customer Service Communication</h3>
- Personalize the interaction. ...
- Avoid negative phrases. ...
- Use positive language with a touch of empathy. ...
- Listen closely and avoid interrupting the customer. ...
- Use consistent brand vocabulary. ...
- Give thorough answers to technical questions. ...
- Make communication clear and concise.
<h3>What is effective communication in the workplace?</h3>
Exchanging information and ideas within an organization is called workplace communication. However, effective communication occurs when a message is sent and received accurately. In every aspect of life (both professional and personal), effective communication is important to success and happiness.
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