Answer:
1. Trade off
2. Opportunity cost
3. Cost-benefit analysis
4. Diminishing marginal utility
Explanation:
1. Giving up one benefit or advantage to gain another regarded as more favorable is called trade-off. Every economic decision involves some trade-off.
2. Opportunity cost is the second-best alternative or value of the alternative, that must be given up when making a choice. Because of scarce resources with alternative uses allocation of resources involves some opportunity cost.
3. Cost-benefit analysis can be defined as the process of examining the benefits and costs of each available alternative in arriving at a decision. Resources are allocated efficiently if the cost incurred and benefit earned is equal.
4. As we go on increasing the quantity consumed of a product, the marginal utility or satisfaction earned from its consumption goes on decreasing. This is called diminishing marginal utility.
The different elements of working capital are <u>current current asset and current liabilities</u>. The management of a business entity might take <u>ratio analysis</u> to reduce the cycle.
Working capital management assists in sustaining the smooth operation of the net operating cycle, otherwise called the cash conversion cycle.
<h3>What is working capital management?</h3>
Working capital management is a business strategy formulated to ensure that an organisation functions efficiently by overseeing and utilizing its current assets and liabilities to their most effective use.
Therefore, learn more about working capital management: brainly.com/question/28287025
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Answer:
Tim's business should have 50 sales person
Explanation:
Number of customers = 1,000 customers
Call frequesncy to each = 50 times
Average Length of call = 2 hours
Average sales persons time = 2,000 hours per year
Total Time = Customers x Average time per call x Call frequesncy
Total Time = 1,000 x 2 x 50 = 100,000 hours per year
Number of Sales people required = Total time / Average time per sales person = 100,000 / 2,000 = 50 sales person
Answer:
The correct answer is B. The law of demand states that quantity demanded will vary inversely with the price of the good.
Explanation:
The law of demand states that the value of demand decreases as the price of the product increases, that is, between the value of demand and the price there is an inverse relationship, therefore, an increase in price causes a decrease in demand, and a decrease in price causes an increase in demand.
Therefore, manufacturers who have decided to produce more should know that an increased number of goods can only be sold at a lower price.
The quantity of goods purchased depends on the price as well as on the average income of the buyers, the size of the market, the price and usefulness of other goods, including substitutes, subjective tastes and preferences of buyers.
