Answer: Economics studies the behaviour of human beings when there is scarcity and choices have to be made.
Explanation:
Economics is a social science i.e study of human behavior in relation to the manufacturing, distribution and consumption of products. Economics focal point is the interaction and behaviour of economic agents (households, firms and governments) and how economies work.
Economics is divided into microeconomics and macroeconomics. Microeconomics deals with the small elements in the economy such as interaction of markets and prices of certain products. Macroeconomics deals with the whole economy and issues discussed include unemployment, economic growth, inflation etc.
Answer:
d. $625,000
Explanation:
cost of goods available for sale = cost of goods manufactured during the current period + finished goods inventory at the beginning of the period
- cost of goods manufactured during the current period = $600,000
- finished goods inventory at the beginning of the period = $25,000
cost of goods available for sale = $600,000 + $25,000 = $625,000
cost of goods sold = cost of goods available for sale - ending inventory = $625,000 - $40,000 = $585,000
Answer:
Lump-sum salary increase.
Explanation:
A lump-sum salary increase is an amount paid instead of increase in salary. It is not added to the fixed base salary, it is instead given in the form of a single cash payment, as it is the case with Cindy here. This is why it is also known as lump sum bonus, because it is given as a single payment, as it was in Cindy’s case, all given at the beginning of the year.
Answer:
A normal good
Explanation:
Normal goods are goods that are goods whose demand increases when income increases and falls when income falls. For normal goods, income and quantity demanded are positively correlated.
When income increased, the quantity demeaned for cosmetic surgery also increased. So, this is a normal good
