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Lilit [14]
3 years ago
12

An economic system based on freedom of choice and privately owned factors of production is.

Business
1 answer:
Leto [7]3 years ago
8 0

The economic system based on freedom of choice and privately owned factors of production is known as : Capitalism.

<h3>What is capitalism?</h3>

Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. The capitalist is the one who is responsible for fixing the prices of his goods and his services.

One of the characteristic of capitalism is that the price of goods is determined by how many exist and the number of people who want them.

Other basic characteristics of capitalism include:

  • Private ownership
  • Capital accumulation
  • Wage labor
  • Price system.

Therefore, the economic system based on freedom of choice and privately owned factors of production is known as Capitalism .

Learn more about capitalism here : brainly.com/question/25879591

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A firm purchased 50 units of materials with a unit price of $1.30 on June 1. On June 15, the firm purchased 50 units with a unit
dsp73

Answer: $83

Explanation:

Given that,

On 1 June,

Materials purchased = 50 units

Unit price of material = $1.30

On June 15,

Materials purchased = 50 units

Unit price of material = $1.20

Total cost of 65 units:

= (Material purchased on 1 June × Unit price of material) + [(65 units - 50 units) × $1.20]

= (50 units × $1.30) + (15 units × $1.20)

= $65 + $18

= $83

8 0
3 years ago
Walmart initially used a focused cost leadership strategy to compete only in small communities by using sophisticated logistics
disa [49]

The response of local competitors was slow because they lacked the ability to marshal resources.

<u>Explanation:</u>

The focused cost leadership is a tactic in which businesses selling identical goods in a given market reduce their prices to raise sales and gain a competitive edge.  Rather than sacrificing on value or already investing scarce resources to develop a commodity, reducing prices is a safer way to draw consumers. Walmart used such strategy to establish an edge in smaller communities but local competitors response was time taking as the resources were available but coordination among resources to result into proper manufacturing or servicing was lacking.

4 0
3 years ago
In the United States, nonprofits employ about one in hundred workers, accounting for less paid workers than the entire construct
Elan Coil [88]

Answer:

The correct answer is False.

Explanation:

In the United States there are 1.14 million nonprofit associations and this non-commercial sector represents 8.5% of GDP (against for example 4.2% in France).

These institutions employ 9.3% of the active population, which constitutes a world record. Americans give each year $ 250 billion to these institutions for non-profit purposes, and these donations are tax exempt. Of the amount quoted, approximately 36% goes to the different Churches, 13% goes to education, 8.6% to health, and 5.4% to culture (that is, the latter percentage represents some 13,000 million dollars annually). Cinema-art and the producers of experimental films, cultural foundations, ballet and their dance bodies, publishing houses (especially university), are some examples of non-profit associations in the domain of culture, which year after year They are supported by Americans.

7 0
3 years ago
Where could student researchers and/or student subjects find additional resources regarding the irb approval process?
grin007 [14]

Answer and Explanation:

Under the approval process, students need many types of resources from which they can get more and more knowledge in research, faculty advisors are provided to the research students to get those resources. Also with the help of the research mentor students gets additional resources. Some resources can be obtained in some special circumstances also from the IRB office.

5 0
3 years ago
Off-balance sheet activities involving guarantees of securities and back-up
elena-14-01-66 [18.8K]

Answer:

B) increase the risk a bank faces.

Explanation:

Off-balance sheet activities include all the bank's activities regarding assets, debts or other financing activities that are not presented in the bank's balance sheet, e.g. issuance of guarantees, commitments to make loans, etc.

Banks incur in this type of activities because generally they charge fees for them (increase revenue) without affecting measures of indebtedness like debt to equity ratio.

6 0
3 years ago
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