An unregulated profit-maximizing natural monopoly with positive economic profits of the following characteristics has
The step essential for determining profit maximization is finding the combination of cost and output or MR = MC. Market demand intersects ATC where ATC is declining.
Profit - Maximizing :Profit maximisation is a process business firms undergo to ensure the best output and price levels are achieved in order to maximise its returns. Influential factors such as sale price, production cost and output levels are adjusted by the firm as a way of realizing its profit goals.
The profit maximization formula depends on profit = Total revenue – Total cost. Therefore, a firm maximizes profit when MR = MC, which is the first order, and the second order depends on the first order. This concept differs from wealth maximization in terms of duration for earning profit and the firm's goals.
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_____is an enterprise application module that keeps track of raw material inventories, enables the buying of replenishment, and activates a trigger when new orders are needed.
Material Requirement Planning (MRP) is an enterprise application module that keeps track of raw material inventories, enables the buying of replenishment, and activates a trigger when new orders are needed.
What is Material Requirement Planning?Based on demand and the bill of materials, a material requirements planning (MRP) system determines what raw materials, components, and subassemblies are required, as well as when to assemble the finished goods (BOM). Material requirements planning (MRP) is an inventory management system that uses a number of computer-based platforms to function entirely digitally. MRP is specifically created to increase a company's inventory efficiency by estimating raw material amounts and planning punctual delivery.
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The purpose of reports in managerial accounting is to provide special-purpose information for a particular user for a specific decision. (True/False)
The claim that the goal of reports in managerial accounting is to deliver special-purpose data to a specific user for a particular decision is true.
What function do reports serve in managerial accounting?These summaries of financial data from accounting records may contain information on transactions, operational costs, the profitability of particular products, and regional sales. Managers can use these reports to make well-informed business decisions.
General-purpose reports or managerial accounting reports?The guidelines established by the FASB must be followed while producing managerial accounting reports. Reports used for broad purposes are typically financial accounting reports. Reports from financial accounting apply to the corporation as a whole, whereas managerial accounting is more concerned with the organization's divisions.
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Which of the following statements are true of the command-and-control approach to accounting procedures? (Check all that apply.)
There is heavy reliance on social norms.
There is loose control, suggesting high levels of trust.
Controls are administered by formal institutions.
Compliance is gained through rules and sanctions.
C: "Controls are administered by formal institutions" and D: "Compliance is gained through rules and sanctions" are true statements about the command-and-control approach to accounting procedures.
The command-and-control approach to accounting procedures is characterized by a centralized, top-down management style, with formal institutions administering controls and enforcing compliance through rules and sanctions. This approach focuses on creating a rigid set of rules and procedures to govern behavior and enforce compliance, with little room for deviation or flexibility.
The aim is to ensure consistent and standardized financial reporting, and to minimize the risk of fraud and financial mismanagement. The command-and-control approach can be effective in organizations where there is a high degree of complexity and a need for standardized processes, but it may not be suitable for all organizations and may lead to a lack of innovation and low morale among employees.
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The organization of the Girl Scouts has completed its annual cookie drive. The sales are reported in the accompanying ogive.Approximate the percentage of girls who sold fewer than 90 boxes of cookies.Multiple ChoiceO 75%O 45%O 65%O 55%
The correct answer is 65%. To determine the percentage of girls who sold fewer than 90 boxes of cookies, we need to find the area under the ogive that corresponds to values less than 90.
An ogive is a graphical representation of cumulative frequency distribution, and it shows the cumulative percentage of data that falls below certain values. The ogive can be used to estimate the proportion of a population that has values less than a certain point.
Based on the ogive, the closest estimate to the percentage of girls who sold fewer than 90 boxes of cookies is 65%. However, without the actual data and scale used in the ogive, it is difficult to determine the exact percentage with certainty. In conclusion, the percentage of girls who sold fewer than 90 boxes of cookies is approximately 65%. This information can be useful for the organization to understand the distribution of cookie sales among its members and make informed decisions about future sales and marketing strategies.
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Is this included in GDP for the US in 2017?
Calculo, a U.S. electronics company, produces a calculator at a plant in Indonesia on March 11, 2017. Calculo imports the calculator into the United States on May 29, 2017.
Calculo is a U.S. company, but because it produces the calculator in Indonesia, the output will be part of the GDP of Indonesia, not the GDP of the United States.
What is GDP?The standard measurement of the value added produced via the production of goods and services in a nation over a specific time period is the gross domestic product (GDP). Consequently, it also accounts for the revenue generated by that manufacturing, or the total amount spent on finished goods and services (less imports).Gross domestic product (GDP) is a monetary indicator of the total market value of all the final commodities and services that nations generate and sell over a given time period. This measurement is frequently changed before it can be trusted as an indicator because of how complicated and subjective it is.GDP = private consumption + gross private investment + government investment + government spending + (exports – imports).Learn more about GDP refer to :
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1. The following information applied to Fenn, Inc. for year 2:Merchandise purchased for resale: $400,000Freight-in: $10,000Freight-out: $5,000Purchase returns: $2,000Fenn's year 2 inventoriable cost wasa. $400,000b. $404,000c. $408,000d. $413,000
According to the proposals stated, the following information applied to Fenn, Inc. for year 2: $404,000. The correct answer is b.
Fenn's year 2 inventoriable cost is calculated by adding the Merchandise purchased for resale ($400,000), Freight-in ($10,000), and Purchase returns ($2,000), and subtracting the Freight-out ($5,000). Therefore, the total cost is $404,000.
This cost is then used to calculate the cost of goods sold and ending inventory for the period. Other costs associated with inventory, such as holding costs, should also be considered when calculating the total cost of inventoriable items.
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in the context of the types of coaches or leaders who help develop others, which of the following teach out of personal conviction, believing in certain ideals and seeing it as a duty to pass on these ideals to others?
The types of coaches or leaders who help develop others, which teach of personal conviction, believing in certain ideals and seeing it as a duty to pass on these ideals to others are called missionaries.
What do you mean by missionaries?
A missionary is a member of a religious organization who is sent into a community to spread their religion or offer services to the local populace, such as economic growth, education, health care, and social justice. When he sends the disciples into regions and orders them to proclaim the gospel in his name, Jesus Christ is quoted as saying the word in the Latin translation of the Bible. The phrase can relate to any belief or ideology, although it is most frequently used in the context of Christian missions.
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true/false. if management judges that an operating segment is reportable in year 1 and is of continuing significance, information about that segment should be reported in year 2 even if it does not meet the requirements for reportability in year 2.
False. If an operating segment is considered reportable in year 1 and is of continuing significance, it should meet the requirements for reportability in year 2 in order to be in the financial statements for that year.
The requirements for reportability are defined by accounting standards and typically include factors such as the size and importance of the segment, the level of independent decision-making, and the availability of information. If the segment does not meet the requirements for reportability in year 2, the management should reassess its reportability and may need to discontinue reporting the segment. An operating segment should only be considered reportable if it meets the criteria for reportability in the current period.
This means that even if an operating segment was considered reportable in a previous period, if it no longer meets the criteria in the current period, it should not be considered reportable and therefore should not have information reported about it. The criteria for reportability typically includes factors such as revenue, profit or loss, and assets. The importance of considering only currently reportable operating segments is to ensure that information is up-to-date and relevant for users of financial statetments.
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Danny is convinced that the new recycling program implemented at his company is worth the extra effort of sorting his waste. He believes in this so strongly that he reminds everyone in the department that they should all get on board and gives an extensive presentation at the monthly meeting. Danny values...conformity.power.universalism.hedonism.stimulation.
Danny values universalism.
Why recycling is important?
Recycling is a process by which materials that would otherwise be discarded as waste are collected, separated, processed, and converted into new products. Recycling is important for many reasons. It reduces the amount of waste sent to landfills and incinerators, conserves natural resources such as timber, water, and minerals, and helps to reduce the pollution of the air and water. Additionally, recycling reduces the amount of energy used to produce new products, and can create new jobs in the recycling and manufacturing industries. Finally, it helps to preserve and protect the environment by reducing the amount of pollution caused by manufacturing and other processes.
This means that he believes in the idea that everyone should be treated equally, and that everyone should work together to make sure that the environment is protected and preserved. He is passionate about the recycling program and wants everyone to be on board with it. He also believes that everyone should put in the effort to make it successful.
Therefore, universalism is the correct answer.
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Domestic producers of a good become better off, and domestic consumers of a good become worse off, when a country begins allowing international trade in that good andthe country becomes an importer of the good as a result.the world price exceeds the domestic price of the good that prevailed before international trade was allowed.other countries have a comparative advantage, relative to the country in question, in producing the good.total surplus does not change as a result.
The Stolper-Samuelson theorem, which argues that domestic consumers of a good grow better off, while domestic producers of a good become worse off, describes this circumstance.
when a nation starts to permit international commerce in that product and, as a result, becomes an importer of the product. This is due to the fact that the world price of the item, which is lower than the domestic price prior to international commerce, raises domestic customers' buying power and lowers domestic producers' profit margins. According to the theory, the rise in consumer surplus offsets the decline in production surplus, hence the overall surplus is unaffected by international trade. Domestic producers are businesses or people who create products for domestic consumption inside the boundaries of a nation.
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FILL THE BLANK kurt is responsible for establishing organization-wide policies and strategies, and making long-term decisions that affect the organization as a whole. kurt would be characterized as a ___ manager.
Kurt is responsible for establishing organization-wide policies and strategies, and making long-term decisions that affect the organization as a whole. Kurt would be characterized as a top or senior manager.
Is the post of a senior manager a high position?
Usually, the senior-level managers possess the knowledge and expertise that are required to guide supervisors in their roles. Since this position is a level up from the role of a manager, the level of responsibility increases in terms of this position. The title of senior manager usually follows the manager's background, where they have to oversee their department.
Senior managers' work is to monitor the performance of the staff, improve operational strategies in the organisation, identify the business opportunities, allocate the budgets and resources, set the goals that drive results on increasing the company's revenues and profitability.
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___have filled the ultralow-priced, high-volume gap by buying at less than regular wholesale prices and charging consumers less than retail.
Off-price retailers have filled the ultralow-priced, high-volume gap by buying at less than regular wholesale prices and charging consumers less than retail.
What are Off-price retailers?
By using a combination of buying tactics and lean operations models, off-price shops enable them to transfer the savings realized by those models onto their customers, enabling them to sell goods at lower prices than traditional retail outlets. Off-price businesses operate under the same principles as regular merchants, but with a different profit margin. Delivering a quality product selection at the most competitive price in the market is the customer value proposition for off-price stores. Low prices are what will first draw clients. A business model's profit formula outlines how the company will produce profits while offering the consumer value proposition.
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when a firm accomplishes a successful marketing strategy, it can lead to blank . (check all that apply.)multiple select question.stronger brandshigher profitslower market sharedecreased profitabilitylarger market share
A company's brand can get stronger, earnings can increase, and market share can increase as a result of a good marketing strategy. A company's brand, earnings, and market share can increase as a result of a good marketing plan.
A corporation might experience a variety of results when its marketing strategy is successful. The results comprise: Stronger brand - An effective marketing strategy may work to boost consumer loyalty and brand awareness, which can result in a stronger brand. Better profits - A company may boost sales and income, which will result in higher profits, by successfully targeting customers and advertising its goods or services. Greater market share – If a marketing plan is effective in luring in new clients, it may lead to a rise in market share. It's crucial to remember that a powerful marketing plan does not automatically equate to reduced market share or profitability. In some circumstances, rising marketing costs or shifting market dynamics might cancel out the advantages of an effective marketing plan.
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A strategy developed by companies that specifies marketing activities for a specific period of time is known as a _____.
a. marketing plan
b. advertising plan
c. marketing mix
d.sales plan
An (B) advertising plan is a strategy created by businesses that detail marketing actions for a predetermined time frame.
What is the advertising plan?A marketing strategy plan lays out how you'll connect with your target market and accomplish your advertising objectives.
We'll list the channels you'll employ, important messaging, and necessary funding in it, as well as all the other components and details you need to implement your advertising strategy.
A marketing plan is a business strategy that specifies marketing activities for a specific time period.
The five components—people (staff), materials (production), equipment (machinery), minutes (time), and money—need to be viewed as assets that the organization has committed to its present marketing plan (Finances).
There are several applications for the model itself.
Therefore, an (B) advertising plan is a strategy created by businesses that detail marketing actions for a predetermined time frame.
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FILL IN THE BLANK _____ Markets include short-term, highly liquid, and relatively low-risk debt instruments, whereas ______ markets include longer term and riskier securities.
Money Markets include short-term, highly liquid, and relatively low-risk debt instruments, whereas capital markets include longer-term and riskier securities.
What do you call the marketplace where short-term debt instruments are traded?
Trading in short-term debt takes place on the money market. Between governments, businesses, banks, and other financial organizations, there is a continuous flow of cash that is used for borrowing and lending with terms as short as overnight and as long as a year.
Compared to capital markets, which feature longer-term and riskier assets, money markets are more liquid, short-term, and fairly low debt instruments.
Therefore, Bonds and stock trading are both included in the capital market.
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Reviewing accounts for collectability and determining the adequacy of the allowance for doubtful accounts is done in support of the _____ assertion
Choose 2 of the statements and identify how internal and external users can use the information from those statements to make decisions 1.income statement 2.owners equity statement 3. Balance Sheet 4. Statement of cash flow
Internal and external users can make use of the information on 1. income statements, and 3. Balance sheets to :
Budget for the company Invest in the company Figure out how much to loan a company How can internal and external users use financial statements ?Management can use the income statement to assess the company's financial performance over a specific period of time, compare it to previous periods, and identify trends. The income statement can provide data on revenue, expenses, and net income.
Investors can use the income statement to evaluate the company's profitability and financial performance, and make decisions about whether to invest in the company's stock. Creditors can use the balance sheet to assess the company's financial position and ability to repay its debts, and make decisions about lending to the company.
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fill in the blank. ___ occurs when an organizational buyer has purchased a similar product in the past but has decided to change something like the specifications, price, or supplier.
Modified occurs when an organizational buyer has purchased a similar product in the past but has decided to change something like the specifications, price, or supplier.
What are the organizational buying situations?
Organizational purchasing behaviour, also known as company buying behaviour or organisational buying decisions, refers to how businesses behave when they make purchases of goods or services, whether they do so for resale, replication, or internal use.
The decision-making process through which an organisation determines the need for goods or services is known as organisational buying behaviour.
The market includes other entities outside only the individual customer who makes purchases of goods or services, including businesses. The government, institutions, producers, and resellers are some examples of the large organisational purchasers.
Producers are the company that makes product acquisitions for subsequent manufacturing or replication. Wholesalers, merchants, brokers, and other businesses that buy things to resale are examples of resellers.
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which of the following are assumptions of the capital asset pricing model (capm)? check all that apply. investors have homogeneus expextations investors can borrow an unlimited amount at a risk-free rate there are no taxes expected returns are based on individual investor risk sensitivity
The assumptions of the Capital Asset Pricing Model (CAPM) are:
1)Investors have homogeneous expectations
2)Investors can borrow an unlimited amount at a risk-free rate
3)There are no taxes
Investors have homogeneous expectations: This means that all investors have the same expectations about the future performance of a stock.
Investors can borrow an unlimited amount at a risk-free rate: This means that investors can borrow money at a rate that has no risk of default, such as the rate on U.S. Treasury bonds.
There are no taxes: This means that the CAPM model assumes that there are no taxes on returns, so investors will not be affected by any tax implications when investing.
The assumption that "expected returns are based on individual investor risk sensitivity" is not part of the CAPM assumptions.
In summary, the CAPM model assumes that investors have the same expectations about future stock performance, can borrow unlimited amounts at a risk-free rate, and are not impacted by taxes. These assumptions help to simplify the model and make it easier to understand the relationship between risk and return for a given investment.
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cow worship in indian society, a provision of which prohibits eating beef, is a functioning part of that country's society for which of the following reasons? a. The cow provides a means of producing milk b. The cow produces drug used for cooking fuel and fertilizer c. The cow is used for plowing fields
Cow worship in Indian society, a provision of which prohibits eating beef, is a functioning part of that country's society because the cow provides a means of producing milk.
What do you know about indian society?
Based on geographical conurbations and sociocultural traits, Indian society has been widely categorized into tribal, rural, and urban societies. Rural communities, on the other hand, are village societies that primarily depend on caste, nostalgia for the past, and an agricultural economy. Indian society is complex in a way that may not be found in any other of the great civilizations of the world; it is more akin to a region as diverse as Europe than to any other single nation-state. The complexity of Indian society is arguably unmatched by any other of the world's great civilizations.
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A company performs $10,000 of services and issues an invoice to the customer. Using the accrual method. what's the cored entry to record the transactions?(A) Debit unearned revenue$10,000, credit sales revenue $10,000(B) Debit accounts payable$10,000, credit sales revenue $10,000(C) Debit services expense$10,000, credit sales revenue $10,000(D) Debit cash$10,000, credit sales revenue $10,000(E) Debit accounts receivable$10,000, credit sales revenue $10,000
Based on the accrual method, the correct entry for $10,000 worth of services would be a debit to accounts receivable for $10,000 and a credit to Sales revenue for $10,000 [E].
What is the transaction's record entry?
The simplest way to document a transaction is through a journal entry, in which the accountants manually enter the account information, debits, and credits for each unique transaction.
According to the accrual approach, a $10,000 debit to accounts receivable and a $10,000 credit to sales revenue represent the right entries for services valued at $10,000.
Therefore, Both the company's income statement and balance sheet include credit sales information.
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a firm's cash flow from investing activities includes: select one: a. cash paid as dividends b. cash received from the rendering of services to customers c. cash received from the sale of a plant asset d. cash paid to retire bonds payable
The money a corporation makes from the sale of a plant-related asset is included in its cash flow from investment operations.
Which Activities Are Included in Cash Flow from Investing Activities?Cash flow from investing operations includes capital expenditures, money loans, and the sale of investment securities.
What don't investment activities' cash flows include?Items to include and exclude when estimating cash flow from investing activities
a. Routine income and cost transactions.
b. Interest fees,
c. Depreciation of capital assets
d. Financed by loan or equity
What three cash flow activities are there?Operating operations, financing activities, and investing activities make up a cash flow statement.
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FILL IN THE BLANK. Paula owns a gift shop where every item sold is made from recycled products. All of her marketing efforts are aimed at making her target market feel good about purchasing recycled products and helping the environment. The efforts Paula makes to create a certain perception of her products in the eyes of her target market are referred to as _______.
It is referred to as Positioning. It refers to the place you want your brand or product to have within a particular target market.
Why is positioning in marketing important?Through brand positioning, you may make it clear to whom you are serving. Additionally, it conveys to your target market the benefits of doing business with you and the distinctive qualities of your goods and services. It helps you defend your pricing strategy. A brand's positioning may be used to justify pricing decisions.
What are the 4Ps of marketing?The four Ps stand for products, pricing, places, and promotions. They serve as an example of a "marketing mix," which is the range of tools and strategies used by marketers to achieve their marketing objectives.
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jake is a salesperson for a car dealership. he has missed his monthly sales quota for march, largely because the car dealership down the street introduced a sales incentive of 0% financing for 36 months and a $1,000 rebate on all new vehicles purchased during the month of march. this illustrates that a problem with evaluating job performance on the basis of results is that the results
A problem with evaluating job performance on the basis of results is that the results may be heavily influenced by external factors that are beyond the control of the individual.
What is job performance?
Job performance is the amount of work an individual completes in a given amount of time, while meeting the quality expectations set by their employer. It is the result of a combination of factors, including an employee's skills, attitude, experience, training, and work environment. It is important because it helps employers to evaluate the effectiveness of their employees, identify areas for improvement, and reward employees who are performing well. Job performance is also a key factor in career advancement and raises. To ensure good job performance, employers should provide employees with a clear understanding of the job requirements, regular feedback, and development opportunities.
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4) On November 1, 2021, a company receives cash of $6,000 from a customer for services to be provided evenly over the next six months. Deferred revenue is recorded at that time. Which of the following adjusting entries is needed on December 31, 2021? A) Debit Deferred Revenue for $2,000; Credit Cash for $2,000 B) Debit Deferred Revenue for $2,000; Credit Service Revenue for $2,000 C) Debit Deferred Revenue for $6,000; Credit Service Revenue for $6,000 D) Debit Service Revenue for $2,000; Credit Deferred Revenue for $4,000
Debit Deferred Revenue for $2,000; Credit Cash for $2,000 is the adjusting entry that is needed on December 31, 2021.
What are adjusting entries?Adjusting entries are journal entries that are used in accounting to place income and expenses on the books according to the time frame in which they actually occurred. At the conclusion of an accounting quarter, they are frequently made. The revenue recognition principle forms the basis for adjusting entries for unearned and accrued revenues under accrual-based accounting. According to accrual accounting's matching concept, revenues and associated costs are recorded during the same accounting period. Adjusting entries for prepayments are needed to account for money that has been received before services or commodities have been delivered. When this money is received, it is initially placed into a prepaid asset account for costs that will be incurred over time or through usage and consumption.
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What is the main concern some people have about credit cards and digital
payments?
A. Facial recognition is making credit cards and digital payments
unsafe.
B. Credit cards and digital payments require password protection.
C. Companies can collect information about purchasing habits from
credit cards and digital payments.
D. Credit cards and digital payments allow people to use them
anywhere.
Companies can collect information about purchasing habits from credit cards and digital payments.
What are digital payments?
A digital payment, often known as an electronic payment, is the exchange of value between payment accounts utilizing a digital device, like a mobile phone, computer, POS, or wireless mobile data or SWIFT.
Customers frequently utilize banking cards—credit, debit, and prepaid cards—to make digital payments. For safe transactions, banking cards have an authentication system in place that uses a pin and a one-time password.
The many types and mechanisms of digital payments that are used often in India are covered in detail in the lines that follow using a bank card. AEPS, USSD, and UPI
More sophisticated digital payment methods are currently growing in popularity. Online payment options, virtual currencies, and electronic transfers all fall under this category.
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gdp data, the official figures account for barter agreements that take place as part of daily business transactions.
It is untrue that barter deals that happen as part of regular commercial transactions are taken into consideration in the statistics.
What is the most accurate approach to calculate GDP?The total amount of money spent during a specific time period by firms, consumers, and the government can be added up to determine GDP. It can also be determined by adding up the total amount of money that each participant in the economy has received. In either scenario, the figure represents an estimate of "nominal GDP."
Which method does India employ to calculate GDP?India's GDP is computed using two separate techniques, one based on economic activity (at factor cost) and the other on expenditure (at market prices). The factor cost method evaluates the performance of eight distinct industries.
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the famous thought leader who developed models for creating value and competitive advantage taught in business schools worldwide is _________.
Michael E. Porter is a renowned thought leader and Bishop William Lawrence University Professor at Harvard Business School.
He is known for his models of creating value and competitive advantage that are taught in business schools worldwide. His most famous models are the Five Forces Analysis, Value Chain Analysis, and Three Generic Strategies.
The Five Forces Analysis is used to analyze the environment of an industry. The Value Chain Analysis identifies activities necessary to create and deliver value to customers. The Three Generic Strategies are low-cost, differentiation, and focus, which are used to define a company’s competitive position.
Porter’s models have become standard tools for strategic management and are used by companies, executives, and governments worldwide. The business community has been greatly impacted by his work.
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which of the following was the diacritic of connectedness to the social system until the rise of market capitalism, even in advanced societies of the ancient
The sense of ethnic identity is a gauge of one's sense of ethnic belonging. There are various approaches to assess ethnic identity. Simply asking a responder about their identification with the dominant group and their ethnic group is one way to collect data.
What is the Theory of ethnicity?Race is merely one of many criteria that determine ethnicity, according to ethnicity theory, which asserts that race is a social category. In addition, "religion, language, 'customs,' nationality, and political identification" are considered. Sociologist Robert E. Park proposed this hypothesis in the 1920s.
Biological essentialism was the preeminent race-related paradigm for more than 100 years prior to the development of this theory.
According to biological essentialism, some races—specifically white Europeans in western interpretations of the paradigm are naturally superior and others specifically non-white races are intrinsically inferior.
This point of view developed as a way to defend the genocidal treatment of Native Americans and the enslavement of African Americans in a nation that was ostensibly established on equality for all people.
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which one of the following statements would express a limitation of the simple circular flow model of pure capitalism? which one of the following statements would express a limitation of the simple circular flow model of pure capitalism? it shows the real flows of economic resources but not the money flows. it shows the product market but not the resource market. it shows households but not the flow of goods and services. it shows businesses but not government.
It demonstrates that the basic circular flow concept of pure capitalism has limitations that only apply to firms and not to the government.
What is suggested by the circular flow model of pure capitalism?In essence, circular flow shows us how input from and to each sector encourages production, which results in the development of goods and services.
The circular flow model depicts the movement of money in society. Pay is exchanged between employers and employees for things like wages and other forms of compensation. A cycle of money flow that never ends is an economy.
What is pure capitalism, exactly?Pure capitalism is a free, private economic system that allows voluntary, competing private individuals to freely plan, produce, and trade without interference from the state.
What limitations hold true for the circular flow model?The model also assumes that there are costs associated with goods, services, and manufacturing inputs, but it makes no effort to explain how these costs are determined or what impact a change in costs would have on the flows.
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