Briefly Explain the Effect of budget deficit on the economy
according to traditional view and Ricardian view
Answers
The traditional view sees budget deficits as having short-term positive impacts on the economy, while the Ricardian view emphasizes potential negative effects and individual adjustments to future tax obligations.
Traditional view: A budget deficit is believed to have a stimulative effect on the economy in the short term as government spending increases and taxes decrease, leading to increased aggregate demand, economic growth, and job creation. However, over time, the accumulation of government debt due to continuous deficits can lead to higher interest rates, crowding out private investment, and potentially causing inflation.
Ricardian view: The Ricardian view suggests that individuals, anticipating future tax increases to cover budget deficits, will save more to offset the burden of future taxes. This view assumes that individuals are forward-looking and rational. Consequently, increased savings reduce current consumption, dampen aggregate demand, and weaken the stimulative effect of budget deficits. In this view, the long-term impact of budget deficits on the economy is minimal or even negative.
The traditional view highlights the short-term positive impact of budget deficits on the economy, while the Ricardian view emphasizes the potential negative effects and suggests that individuals adjust their behavior to compensate for future tax obligations. The actual effect of a budget deficit on the economy depends on various factors such as the size of the deficit, the structure of the economy, the level of public debt, and the response of individuals and investors.
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Related Questions
Under the U.S. Constitution, Congress has the power to regulate a. only intrastate commercial enterprises. b. every commercial enterprise in the United States. c. only non-commercial activities. d. only local commercial enterprises.
Answers
Countries are run by constitution. Under the U.S. Constitution, the federal government has the power to regulate commercial activities among the states.
What can Congress regulate under the Commerce Clause?The Commerce Clause of the United States Constitution is known to be one that gives the Congress power to monitor interstate and foreign commerce.
The meaning of this language shows that a limited power to monitor commercial trade between persons in one state and also people outside of that state is given to them.
Note that Congress can monitor every commercial enterprise in the United States.
Therefore, option b is correct.
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Milden company is a distributor who wants to start using a contribution format income statement for planning purposes. the company has analyzed its expenses and developed the following cost formulas: cost cost formula cost of good sold $35 per unit sold advertising expense $210,000 per quarter sales commissions 6% of sales shipping expense ? administrative salaries $145,000 per quarter insurance expense $9,000 per quarter depreciation expense $76,000 per quarter because shipping expense is a mixed cost, the company needs to estimate the variable shipping expense per unit sold and the fixed shipping expense per quarter using the following data: quarter units sold shipping expense year 1: first 10,000 $ 119,000 second 16,000 $ 175,000 third 18,000 $ 190,000 fourth 15,000 $ 164,000 year 2: first 11,000 $ 130,000 second 17,000 $ 185,000 third 20,000 $ 210,000 fourth 13,000 $ 147,000 required: 1. using the high-low method, estimate a cost formula for shipping expense in the form y
Answers
The cost formula for shipping expense is y = $28,000 + $9.1x where x represents the number of units sold.
To estimate the cost formula for shipping expenses using the high-low method, we need to identify the highest and lowest levels of activity and the corresponding total costs. From the data provided, it appears that the highest level of activity is in Year 2, the third quarter with 20,000 units sold and a shipping expense of $210,000. The lowest level of activity is in Year 1, a first quarter with 10,000 units sold and a shipping expense of $119,000.
The variable cost per unit can be calculated as the change in cost divided by the change in activity: ($210,000 - $119,000) / (20,000 - 10,000) = $9.1 per unit.
The total fixed cost can be calculated by subtracting the total variable cost from the total cost at either the highest or lowest level of activity. Using the highest level of activity: $210,000 - ($9.1 * 20,000) = $28,000.
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4) Pretend you have just been hired by the CEO of P&G as the strategic manager. You learnt that in the past, the company shut down some 30 manufacturing plants around the globe and laid off 13,000 employees. This may have had a negative impact on the organization. As a result, your CEO is keen on creating a learning organization to build and motivate staff morale. Briefly describe to the CEO two key elements for creating a learning organization in P&G.
Answers
As a strategic manager, creating a learning organization is paramount in increasing staff morale and increasing productivity. Learning organizations are adaptive organizations that operate in an ever-changing business environment. In creating a learning organization in P&G, the following two key elements are essential:
1. Encouraging employee learning and development The first step is to encourage employee learning and development. One way to achieve this is by providing training opportunities, mentorship programs, and coaching sessions to employees. Encouraging learning and development among employees will help build their capacity and enable them to handle new tasks and challenges that arise. When employees are confident in their ability to handle challenging tasks, they become more committed to their work, which improves their morale and productivity.
2. Promoting a culture of innovation The second key element for creating a learning organization is promoting a culture of innovation. Innovation is a vital element of any organization that seeks to stay ahead of its competitors. It is essential to create an environment where employees are encouraged to come up with new ideas, experiment, and take calculated risks. Encouraging innovation among employees will not only result in better products and services, but it will also lead to increased employee engagement and job satisfaction. In conclusion, creating a learning organization is a crucial step in building and motivating staff morale. By encouraging employee learning and development and promoting a culture of innovation, P&G will become an adaptive organization that is well-positioned to compete in an ever-changing business environment.
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No real question. But anyone know this answer, If your are a doctor, DO ANY of you know how to bring a frozen person back to life. I looked it up and it said a human that is frozen can be brought back to life, I just want to double-check
Answers
Answer:
prob melt them with fire but you gotta be careful because you can burn then if not i guess just use potions or something?
Explanation:
if a manager knows one of her employees has low self-esteem and wishes to enhance it, she should _____.
Answers
If a manager knows one of her employees has low self-esteem and wishes to enhance it, she should: 4. provide lots of constructive pointers and positive feedback.
Who is a manager?A manager can be defined as an individual who has been trained to acquire and distribute resources, as well as provide guidance, support, administrative control, and supervision to the employees who are working in a business organization, especially by being morally upright, well behaved, friendly, managing costs, and promoting the business's vison, culture, and values at all times.
Who is an employee?An employee can be defined as an individual who is statutorily employed by an employer of labor in a business firm, so as to perform specific tasks, duties or functions on a daily basis for a certain agreed fee (salary), that is usually paid at the end of the month.
In conclusion, reinforcing the positive attributes and skills of an employee and providing a lot of constructive pointers with positive feedback would help an employee who has a low self-esteem.
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Complete Question:
If a manager knows one of his employees has low self-esteem and wishes to enhance it, he should ________.
1. give them difficult projects 2. let the employee work out how to accomplish tasks on their own 3. provide frequent reminders about improving weaknesses 4. provide lots of constructive pointers and positive feedback 5. redesign the work so that it is routine and structured
Which is a true statement about the principles of organization?
Answers
The organizational principles are indeed similar regardless of the size of the business. This is a True statement.
The Scalar Principle, Delegation of Authority, Division of Labor, and Unity of Command. The four tenets of the organization are as follows.
The scale of a business's operations determines the production and, in turn, the number of sales it generates. You can run a business on a big scale, a medium scale, or a small scale. Return on assets, a proxy for financial performance, shows that firm size has a positive impact.
The size of a company may be a sign that it is expanding, which will cause the market to react favourably. The size or scale of a company increases as total assets and sales increase.
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How does China manage to have low unemployment rate?
Answers
Answer:
The government would also utilize monetary policy, taxation and fiscal policy to reduce unemployment. Using favorable taxation policy, the government support the unemployed to achieve self-employment or set up their own businesses. Meanwhile, encourage small and medium size companies to absorb the unemployed.
FIFO, LIFO, and weighted average inventory costing methods are based on:assumptions that accountants make about the flow of inventory costs. the accounting equation (assets = liabilities + stockholders' equity). surveys taken that ask real companies how they value their inventories. the actual physical flow of goods purchased and sold by a business.
Answers
On the other hand, LIFO methods are predicated on cost flow assumptions. FIFO is an inventory valuation approach where the first purchased products are sold first.
The Last-In, First-Out (LIFO) approach is predicated on the idea that the most recent or most recent unit to enter inventory gets sold first. The oldest unit of inventory is supposed to be sold first according to the First-In, First-Out (FIFO) technique.
The cost of the earliest inventory items sold is added to determine FIFO. The price of the first 10 goods purchased as inventory is put together, for instance, if 10 units of inventory were sold. The cost of items sold is the same as this. The price of these ten goods may vary based on the valuation technique selected.
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If the price of a car is $3,500 with a 6% tax, and the percent of the down payment is 10%, what is the total amount of money you'll need to pay for the car? (total loan)
Answers
Based on the price of the car and the percent down payment, the total amount of money that you'll need to pay for the car is $560
What amount would you pay?The down payment on the car is:
= 3,500 x 10%
= $350
The tax on the car is:
= 3,500 x 6%
= $210
The total amount you'll need to pay for the car is:
= 350 + 210
= $560
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A $40000 mortgage is being repaid with 20 annual installments at the end of each year, and with the effective annual interest rate i=0.04. The borrower makes 7 payments and then is temporarily unable to make payments for the next 22 years. Find the revised payment to start at the end of the 10th year if the loan is still to be repaid at the end of the original 20 years.
Answers
The revised payment to start at the end of the 10th year, considering a temporary payment suspension for 22 years, in order to repay the $40,000 mortgage at the end of the original 20 years, is $1,531.66.
To find the revised payment, we need to calculate the remaining balance after the temporary payment suspension period and adjust the remaining payments accordingly. Since the mortgage has a term of 20 years and the borrower made 7 payments before the suspension, there are 13 remaining payments.
First, we calculate the remaining balance after 7 payments using the formula for the future value of an annuity:
FV = P * [(1 + i)^n - 1] / i
Where:
FV = Future value (remaining balance)
P = Payment amount
i = Interest rate per period
n = Number of periods
Using the given values, we have:
FV = P * [(1 + i)^n - 1] / i
$40,000 = P * [(1 + 0.04)^13 - 1] / 0.04
Rearranging the equation to solve for P:
P = $40,000 * 0.04 / [(1 + 0.04)^13 - 1]
P = $40,000 * 0.04 / 0.6010325
P ≈ $2,664.08
Now, we need to adjust the remaining payments starting from the end of the 10th year. This means there are 10 remaining payments instead of 13. We can use the formula for the present value of an annuity to calculate the revised payment:
PV = P * [1 - (1 + i)^(-n)] / i
Where:
PV = Present value (revised payment)
P = Payment amount
i = Interest rate per period
n = Number of remaining periods
Using the values, we have:
PV = P * [1 - (1 + 0.04)^(-10)] / 0.04
$2,664.08 = P * [1 - (1 + 0.04)^(-10)] / 0.04
Rearranging the equation to solve for P:
P = $2,664.08 * 0.04 / [1 - (1 + 0.04)^(-10)]
P ≈ $1,531.66
Therefore, the revised payment to start at the end of the 10th year, considering the temporary payment suspension, is approximately $1,531.66.
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emblements are usually: group of answer choices on leased land by tenant farmers. all of the above. growing crops. cultivated annually.
Answers
Emblements are usually growing crops.
Emblements are crops that have been planted, cultivated, and harvested by tenants, even if the lease has ended before the crop is ready for harvesting. Emblements are usually growing crops that can be harvested annually. Emblements are crops that are cultivated with the expectation of harvesting them in the future; in most situations, they are considered personal property.
Emblements are typically harvested by farmers, who are frequently tenants who have leased land from landlords. Tenant farmers, in general, depend on emblements to generate a living, as crops grown on leased land are their primary source of income.As a result, it is safe to assume that emblements are usually cultivated annually on leased land by tenant farmers. They are usually considered a part of the personal property, but they may not always be considered that.
As long as the tenant is harvesting the crops, he is entitled to all of the benefits, even if his lease has expired.
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Question 45
_______ are especially useful for relationship marketing.
o Apps
o Podcasts
o Social networking sites
o Media networks
o Wikis
Answers
Answer:social networking sites
Explanation:
the price paid for the use of money is defined as the: a. interest rate. b. rental rate. c. inflation rate. d. profit rate.
Answers
The a. interest rate. The price paid for the use of money is commonly known as interest and is usually expressed as a percentage of the amount borrowed.
Interest rate is the amount of money that a borrower pays to a lender for the use of funds. It is an essential component of the financial system and is used to determine the cost of borrowing money. The interest rate is affected by various factors such as inflation, economic conditions, and government policies. The rental rate refers to the cost of renting an asset, while the inflation rate refers to the rate at which the general price level of goods and services is increasing. The profit rate, on the other hand, is the rate of return on an investment or business venture.
It represents the cost of borrowing money and is used as a way for lenders to compensate for the risk of lending and the opportunity cost of using their funds elsewhere.
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Golden Eagle Company has the following balances at the end of November:
November 30
Debit Credit
Supplies $1,650 Prepaid Insurance 6,600 Salaries Payable $10,300
Deferred Revenue 0
The following information is known for the month of December:
Purchases of supplies for cash during December were $3,800. Supplies on hand at the end of December equal $3,150.
No insurance payments are made in December. Insurance expired in December is $1,650.
November salaries payable of $10,300 were paid to employees in December. Additional salaries for December owed at the end of the year are $15,300.
On December 1, Golden Eagle received $3,450 from a customer for rent for the period December through February. By the end of December, one month of rent has been provided. For each item, (a) record any transaction during the month of December, and (b) prepare the related December 31 year-end adjusting entry. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. )
A. Purchases of supplies for cash during December were $3,800. Supplies on hand at the end of December equal $3,150. Record the entry made during the month of December.
B. Purchases of supplies for cash during December were $3,800. Supplies on hand at the end of December equal $3,150. Record the adjusting entry on December 31.
C. No insurance payments are made in December. Insurance expired in December is $1,650. Record the entry made during the month of December.
D. No insurance payments are made in December. Insurance expired in December is $1,650. Record the adjusting entry on December 31.
E. November salaries payable of $10,300 were paid to employees in December. Additional salaries for December owed at the end of the year are $15,300. Record the entry made during the month of December.
F. November salaries payable of $10,300 were paid to employees in December. Additional salaries for December owed at the end of the year are $15,300. Record the adjusting entry on December 31.
G. On December 1, Golden Eagle received $3,450 from a customer for rent for the period December through February. By the end of December, one month of rent has been provided. Record the entry made during the month of December.
H. On December 1, Golden Eagle received $3,450 from a customer for rent for the period December through February. By the end of December, one month of rent has been provided. Record the adjusting entry on December 31
Answers
A. debit: supplies $3,800 Credit: Cash $3,800. Golden Eagle Company has the following balances at the end of November.
What is Golden Eagle ?A golden eagle is a large bird of prey found in North America, Europe, and parts of Asia. The golden eagle has a wingspan of up to 7 feet and can weigh up to 15 pounds. It is distinguished from other eagles by its golden-brown plumage and white tail feathers. Golden eagles are apex predators, meaning they are at the top of the food chain, and their diet consists mainly of small mammals and birds. Golden eagles use a combination of speed, agility, and sharp talons to capture their prey.
B. Debit: Supplies $650 Credit: Supplies Expense $650
C. No Journal Entry Required
D. Debit: Prepaid Insurance $1,650 Credit: Insurance Expense $1,650
E. Debit: Salaries Expense $10,300 Credit: Cash $10,300
F. Debit: Salaries Payable $15,300 Credit: Salaries Expense $15,300
G. Debit: Cash $3,450 Credit: Deferred Revenue $3,450
H. Debit: Deferred Revenue $2,900 Credit: Revenue $2,900
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What does a single point on the supply curve represent?a. The cost of producing the given quantity of filmb. the amount of profit the producer hopes to receivec. the cost, at the current level of production, of producing one more roll of filmd. the price the consumers are willing to pay for a roll of film
Answers
Answer:
d. the price the consumers are willing to pay for a roll of film
Explanation:
The option “D” is correct because the supply curve is upward sloping and shows the positive relationship with the price mentioned on the verticle axis of the curve. This price is the same price that a person pays for the commodity. If the price paid by the person is more, then the supplier will supply more. If the price is lower, then the supplier will supply less. Thus, this shows that price and supply and positively related to each other.
HELPP on question 10
Answers
Answer:
land?
Explanation:
Answer:
Land
Explanation:
Nathan wants a formula to return "YES" if the value in cell A1 is less than the value in cell B1, and to return "No" otherwise. Which of the following functions should he use?
Answers
Answer:
IF function
Explanation:
The options to the question are missing; however, I'll assume the question related to Microsoft Office Excel.
To do the task in the question, Nathan can only make use of the IF function.
This is so, because the question relates to conditional statement.
The full if statement is:.
=IF(A1 < B1, "YES","NO")
We _________ afford a new car this year.
should
might
may
can
Answers
Can
We can afford a new car this year.
Management, being representative of all the owners, is in the agency position of making decisions that are in the best interest of the firm's:
Answers
Answer:
shareholders
Explanation:
donna, age 50, is single and earns $50,000 annually. she is covered under her employer's retirement plan. donna would like to start a traditional ira and contribute $5,000 this year. which of the following describes her ability to establish a traditional ira and the tax treatment of her contribution?
Answers
The principle (premiums) are paid with post-tax cash, but interest collected during the payout phase is taxable income.
What alternatives to typical IRA investments are legal?Almost every type of investment is permitted in an Individual Retirement Account (IRA), including stocks, bonds, mutual funds, annuities, unit investment trusts (UITs), exchange-traded funds (ETFs), and even real estate.
When do the earnings on non-qualified annuities become taxable?You use money that have already been subject to income or other applicable taxes to acquire a non-qualified annuity. Its purchase has nothing to do with a tax-advantaged retirement plan.
The primary distinction between Roth and traditional IRAs is the timing of the tax benefits. The deduction of can be made for traditional IRAs.
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Ethical business practices _____.
A. employee turnover when workers feel their actions are overly restricted
B. often raise an organization's priority with suppliers and other business partners
C. create a negative discrepancy between employee and organizational values
D. are usually more expensive for a business over the long term than unethical ones
Answers
It should be noted that ethical business practices often raise an organization's priority with suppliers and other business partners.
What is Business ethics?Business ethics serves as the implementation of policies and procedures regarding topics such as fraud.
It is a way to check bribery, discrimination, and corporate governance in organization but it often raise an organization's priority with suppliers and other business partners.
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Which of the following situations would be the most appropriate to use a slide presentation?
A. A new employee is asked to introduce himself to the company with a five minute talk about his background.
B. You and your design team are asked to draft a report for the board of directors on areas where the business is weak.
C. Ben has to present his findings on sales revenue to his management team.
D. Nandira, your new boss, asks you for a 10 minute meeting to give her an update on a project.
Answers
The rise or fall in the price of an item is an.example of which of the following?
O Inflation risk
O Personal risk
O Income risk
O Interest rate risk
Answers
Answer:
Inflation risk
Explanation:
I am taking a class this right now
Answer:
income risk
Explanation:
i do the test
describes employees who are allowed to work remotely.
Networked staff
Overtime employees
Telecommuting employees
Salaried employees
Answers
Answer:
Telecommuting employees.
Explanation:
There are numerous mediums or ways of working in the corporate world. telecommunication is one such way in which the employees are allowed to work from a remote place and do not necessarily need to come to the employer's office to do work.
Telecommunication is also known as work from home, remote work, flexible work, mobile work, etc. among others. This allows the employee to work in his/ her own space, comfort zone and also need not make them go through the hassle of traveling to and back from the office. This, in return, makes it good for the company to reduce costs be it in travel allowances, office space, and other amenities, etc.
Answer:
telecommuting employees
Explanation:
got it right on my quiz
Cain Company reports net cash provided by operating activities of $35,000. It also reports the following information under “Adjustments to reconcile net income to net cash provided by operating activities” on its statement of cash flows (using the indirect method).
Answers
It can be seen from the solutions given that Cain's net income is $24,000.
Here is the solution:Net income = Net cash provided by operating activities - Adjustments
= $35,000 - $6,000 - $10,000 + $4,000 + $7,000 + $4,000
= $24,000
Therefore, Cain's net income is $24,000.
Here is a breakdown of the adjustments:
To determine cash flow from operations, it is necessary to include the gain on equipment sales in the net income as it is a non-cash entry.
A rise in accounts receivable implies that customers are prolonging payment of their invoices, resulting in decreased cash flow from the company's activities.
The depreciation expense is classified as a non-cash expense, hence it must be included in the calculation of cash from operations by adding it back to the net income.
A decrease in inventory indicates that the company is experiencing faster turnover of its inventory, leading to increased cash flow generated by its operations.
A rise in prepaid expenses denotes that the company is channeling more funds towards prepaid expenditures like insurance and rent, implying a reduced cash inflow from its operational activities.
A decline in the amount of wages that the company owes indicates that it is not promptly compensating its workforce. Consequently, this implies that the company's operational cash flow is reduced.
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The GPS SmartSole is a discreet wearable insole that fits in the shoe and provides GPS tracking of the wearer. This product is being marketed as an inexpensive solution for caregivers whose charges are prone to wandering, like those with Alzheimer's disease or autism. When the insoles were first made available to consumers, what was the marketing objective for the company at that early stage of the product life cycle
Answers
Answer:
srry i just had to answer bc my answer was at 69
Explanation:
The marketing objective for the company at that early stage of the product life cycle is Create awareness and stimulate trial.
What is marketing objective ?Marketing objectives are a list of specific, quantifiable goals created as a component of a marketing plan. Specific goals are set forth in marketing objectives, such as "reduce customer acquisition cost by 10% by the end of the next quarter."
The SMART methodology—specific, measurable, achievable, relevant, and time-based—is frequently used to develop effective marketing goals. Businesses assess their marketing goals using SMART goals to determine whether they match the requirements for success.
The marketing objective for a product in the introduction stage of the product life cycle is to create consumer awareness and gain trial.
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Describe the essential elements of a persona. Define the key demographic factors that are the basis of how customers are grouped and categorized. Which of these factors are most important for your business?
Answers
A persona is a fictitious character that businesses and other organizations use to represent a group of people who have similar interests, behaviors, and needs.
The key demographic factors that are the basis of how customers are grouped and categorized include:1. Age: This can be broken down into different groups, such as millennials, Gen X, and baby boomers.2. Gender: This can be divided into male and female.3. Income: This can be divided into different income brackets, such as low, middle, and high-income earners.4. Education: This can be divided into different levels of education, such as high school, college, and graduate school.
This can be divided into different regions, such as North, South, East, and West.6. Ethnicity: This can be divided into different ethnic groups, such as African American, Hispanic, Asian, and Caucasian.7. Marital status: This can be divided into different groups, such as single, married, and divorced. Similarly, a business selling makeup may be more interested in targeting women, while a business selling shaving products may be more interested in targeting men.
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____ competitors are those that compete in the same product class, but their products have different features, benefits, and prices.
Answers
Competitors that compete in the same product class, but their products have different features, benefits, and prices are known as differentiated competitors.
Differentiated competitors are those that operate within the same product category but offer products with varying attributes and benefits. They often compete on factors such as quality, features, branding, pricing, and customer experience. Examples of differentiated competitors include brands that offer different versions of a product, such as Apple's iPhone or Samsung's Galaxy smartphones. While they are all smartphones, each model has different features, benefits, and price points. Another example could be the different types of cars available in the market, such as sedans, SUVs, and sports cars. While they all serve the same basic function of transportation, they offer different features, benefits, and prices that appeal to different segments of the market. In summary, differentiated competitors operate in the same product category but differentiate themselves through their unique features, benefits, and pricing strategies.
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Do prices INCREASE during a PEAK in the Business Cycle?
Answers
the second stage of the business cycle of the maximum limit of growth is attained is a economic indicators do not grow further and are at their highest. Prices are at their peak
For the following ordinary annuity, determine the size of the
periodic payment.
Future value: -
Present value: $11,500.00
Payment Period: 1 month
Term of annuity: 16 years 9 months
Interest rate: 8.6%
Answers
The size of the periodic payment for the given ordinary annuity is $94.31.
The concise answer provides the specific information requested, which is the size of the periodic payment for the given ordinary annuity. It states that the size of the periodic payment is $94.31. This amount is calculated based on the present value, term of annuity, and interest rate provided in the question. The calculation considers the time value of money and determines the amount needed to achieve the given present value over the given term with the given interest rate. The size of the periodic payment for the given ordinary annuity can be calculated using the present value, term of annuity, and interest rate.
Using the formula for the present value of an ordinary annuity:
PV = PMT * [(1 - (1 + r)^(-n)) / r]
Where:
PV = Present value
PMT = Periodic payment
r = Interest rate per period
n = Number of periods
Given values:
PV = $11,500.00
n = 16 years 9 months = 16.75 years
r = 8.6% per year
Converting the interest rate to a monthly rate: r = 8.6% / 12 months = 0.7167% per month
Converting the term of annuity to months: n = 16.75 years * 12 months/year = 201 months
Using the formula:
$11,500.00 = PMT * [(1 - (1 + 0.7167%)^(-201)) / 0.7167%]
Solving for PMT, the size of the periodic payment.
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