A principal is an individual, partnership, or corporation that appoints or authorizes another individual, partnership, or corporation to conduct business on its behalf, whereas an agent is an individual, partnership, or corporation that conducts business on behalf of a principal or acts on its behalf.
Therefore, if a firm is serving as an agent, then it is carrying out business activities on behalf of another firm. To identify whether a firm is an agent or principal, the following indicators can be observed:The scope of control: If the firm has a limited degree of control over its operations, it is more likely to be an agent than a principal. The level of control a firm has over its operations depends on the terms of the agreement it has with its principal.
The nature of transactions: If a firm engages in transactions that benefit its principal rather than itself, it is more likely to be an agent than a principal. The firm may engage in activities that generate profits for its principal, but it will not benefit directly from those activities.The risk-bearing capacity: If the firm bears a limited degree of risk, it is more likely to be an agent than a principal.
In contrast, if the agent has unlimited liability, it is more likely to be a principal.The level of investment: If the firm has made a significant investment, it is more likely to be a principal than an agent. An agent typically does not invest in the principal's business, but a principal will invest in its own business.The nature of the relationship: If the relationship between the firm and the principal is ongoing, it is more likely to be a principal than an agent.
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Ben is a double major pursuing degrees in both Finance and Marketing. He is interested in obtaining a position as a personal financial advisor after graduation and is interning with a global financial services company. During his internship, he observes that the most successful advisors wear white shirts, dress very conservatively, and read The Wall Street Journal to stay up to date with the latest business and world news. Ben starts to read The Wall Street Journal too and modifies his dress and grooming style to be more like the representatives he admires. Ben is influenced by _______.
Answer:
A reference group
Explanation:
When a profit-maximizing firm in a monopolistically competitive market is producing the long-run equilibrium quantity, Group of answer choices its average revenue will equal its marginal cost. its marginal revenue will exceed its marginal cost. it will be earning positive economic profits. its demand curve will be tangent to its average total cost curve.
Answer:
The correct answer is the last option: Its demand curve will be tangent to its average total cost curve.
Explanation:
To begin with, in the microeconomics theory the "monopolistically competitive" market is refered to that one whose main characteristics reside in the same as the perfect competition but with the major difference of exisiting the differentiation of the product or service in the market, so for that reason the competition is basically stimulated by the publicity and other factors that will differentiate their product against the other ones. Moreover, due to the short run equilibrium and therefore to the obtanining of big economic profits from part of every company in the market then more other companies will enter and once that happens then the profits of everybody will decrease. And that in the graphic has it major difference with the average total cost curve being tangent to the demand curve, which do not happen in the short run.
what's an economy? how does it work?
What is an economy:
The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
How does it work:
The three principles that describe how the economy as a whole works are: (1) a country's standard of living depends on its ability to produce goods and services; (2) prices rise when the government prints too much money; and (3) society faces a short-run tradeoff between inflation and unemployment.
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The multi resource company manufactures two lines of washing machines, regular and deluxe. the contribution margin per unit of a regular model is $110 and for deluxe model is $175. the company has two departments, assembly and testing. the regular model requires 3 hours to assemble, while a deluxe model requires 4 hours. the total time available in assembly is 12,144 hours. in the testing department, it requires 2. 5 hours to test a regular model and 1. 5 hours to test a deluxe model. a total of 6,240 hours of testing time is available. based on this information, the optimum production plan for multi resource is:
Based on this information, the optimum production plan for multi-resource production is 3,036 Deluxe models.
What is the optimum production plan?The optimum production plan is the production plan that yields the highest level of contribution margin per unit of the limited resource.
Data and Calculations:Regular Deluxe Total
Contribution margin per unit $110 $175
Assembly hours 3 4 12,144
Testing hours 2.5 1.5 6,240
Limited resource = Assembly hours
Contribution margin per unit of limited
resource = $36.67 ($110/3) $43.75 ($175/4)
Thus, the optimum production plan is to maximize the contribution margin per unit of the limited resource by producing 3,036 units of the Deluxe Model (12,144/4).
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Two unrelated American quarter horses are bred together. What is this an example of?
Answer: Straightbreeding
Explanation: 100% on test
2. what is "digital engine" and how does it work? what is unique about it? 3. are master card’s marketing programs working? should ajay banga, ceo of master card, increase the budget for marketing?
A digital engine refers to the technological infrastructure that enables the operation of digital services or products. In the context of Mastercard, their digital engine is a platform that enables the delivery of digital payment services to customers.
The digital engine consists of various components such as software, hardware, and data analytics tools that work together to enable secure and reliable payment transactions.
Mastercard's digital engine is a comprehensive platform that integrates various technologies and services to provide digital payment solutions to customers. The platform consists of multiple layers, including a transaction processing layer, a data analytics layer, and a security layer. The transaction processing layer handles the authorization, clearing, and settlement of payments, while the data analytics layer provides insights into customer behavior and preferences. The security layer ensures the safety and integrity of transactions by using various encryption and authentication technologies.
One unique aspect of Mastercard's digital engine is its focus on delivering a seamless and consistent experience across multiple channels and devices. For example, customers can make payments using their mobile phones, tablets, laptops, or smartwatches, and the digital engine ensures that the transaction is processed in the same way regardless of the device or channel used. Additionally, the digital engine supports various payment types, including contactless payments, online payments, and in-app payments.
Regarding Mastercard's marketing programs, it's difficult to determine their effectiveness without more information about the specific programs and metrics used to measure their impact. However, if Ajay Banga, CEO of Mastercard, believes that the marketing programs are not delivering the desired results, then increasing the marketing budget could be a viable solution. It's worth noting that marketing budgets are often a delicate balancing act between maximizing exposure and managing costs, so any decision to increase the budget should be based on careful analysis of the expected returns on investment.
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hey what time do you start work tommorow babe tell me now or i will come to yoyur house tonigh
Explanation:
9 am why
Answer:
oop- late f`ree points. :)
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Define demand and supply
a coupon bond that pays interest of 4% annually has a par value of $1,000, matures in 5 years, and is selling today at $875. the actual yield to maturity on this bond is . 8.82% 9.62% 7.05% 6.58%
Actual Yield to maturity is 6.58%
The annual rate of return an investor will receive if they hold a bond until it matures is known as yield to maturity.
Face value = F = $1,000
Coupon payment = $1,000 x 4% = $40
Selling price = P = $875
Number of payment = n = 5 years
Yield to maturity = [ C + ( F - P ) / n ] / [ (F + P ) / 2 ]
Yield to maturity = [ $40 + ( $1,000 - $875) / 5 ] / [ ( 1,000 + $875) / 2 ]
Yield to maturity = [ $40 + $25 ] / $937.5 = $65 /$937.5 =0.0693333333
Actual Yield to maturity is 6.58%
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To buy a product, customers in a market must first
To buy a product, customers must first have the need for the product.
Customers cannot just simply buy anything or everything when it comes to products. People love shopping but money is a very useful and powerful resource and customers understand it well, so they don't want to spend it on useless things.
Firstly, there should be a need or a desire to buy a particular product. After that the customer decides his or her budget or the money he would like to spend on that product. If it crosses his or her budget, then the customer may not able to buy the product.
Lastly, there should be willingness to buy the product. Nowadays, we get impressed by big brands, malls and stores giving us immense discounts for even our daily needs. That is how knowingly or unknowingly, we tend to shop more.
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identify a step that managers can take to motivate employees using the expectancy theory
Managers can use the expectancy theory to motivate employees by focusing on three key components: expectancy, instrumentality, and valence.
To enhance expectancy theory, managers can provide employees with the necessary resources, skills, and support to achieve their goals. This means clearly defining tasks and expectations, offering training and development opportunities, and providing feedback and recognition for a well-done job.
To improve instrumentality, managers can ensure that employees understand the relationship between their efforts and the rewards they will receive. This can involve setting performance targets, linking rewards to specific goals, and providing clear and transparent communication about how rewards are determined.
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you’re the it director for a moderately sized moving company. the company has grown at a healthy rate over the past few years, adding some new moving trucks and several new personnel as business has expanded throughout the state. what used to be a family-sized company where everyone knew everyone else, has become a recognizable trademark in the industry with a sizable fleet and a complicated staffing schedule. the office manager has been complaining about the increasing difficulty of scheduling all the vehicles, and even more so trying to keep up with them once they’re on the road. he also says customers have been complaining of delayed deliveries, mis-scheduled appointments, and under staffing for job assignments. the ceo has asked you to select and set up a fleet management system that will schedule and track all of the company vehicles, provide updates to customers of a specific truck’s location, and route vehicles to their respective destinations efficiently. she says it would be nice to have "all the bells and whistles" for this software, but she doesn’t think the company can afford top-of-the-line or custom software yet. she’s hoping you can find something more moderately priced, but with the potential to grow with the company as business continues to increase. before you start researching fleet management software, your first task is to clearly define the problem. this will help guide your decisions as you choose, modify, and implement a solution.
The company's CEO has requested you to choose and set up a fleet management system that would efficiently route trucks to their track all of the company's vehicles, and update consumers on the whereabouts of a specific truck.
Although she thinks the business can't currently afford top-of-the-line or custom software, she adds it would be good to have "all the bells and whistles" for this software. She's hoping you can locate something more reasonably priced that also offers the chance to grow with the firm as it expands.
Establishing a precise definition of the issue is your first duty before looking at fleet management software. This will inform your choices as you select, alter, and put a solution into practise.
1. What issue must this system resolve?
Ans: The administration of a fleet manually is ineffective.
2. With whom should you consult to establish the fleet management system's priorities?
Ans: To find out which features would be most helpful to users of the software, talk to the office manager, truck drivers, and other clients.
3. Which kind of resolution do you pick?
Ans: A vendor that you engage to tweak open-source software is the answer.
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Which of the following is an indirect competitor for a company that makes chocolate chip cookies? A. Another company that makes chocolate chip cookies B. A company that makes potato chips C. A company that makes baking pans D. A company that makes brownies
Answer:
The indirect competitor for a company that makes chocolate chip cookies is;
D. A company that makes brownies
Explanation:
Where two companies or vendors produces or supplies entirely different products that however work to satisfy the same customer need then the two companies or vendors are in indirect competition
In the question, we have;
The product of the company = Chocolate chip cookies
Therefore, an indirect competitor of the company will be make a maker of a different product of the same utility as the chocolate chip cookies, which gives;
The indirect company = A company that makes brownies
This is so because, a brownie, which is also known as a chocolate brownie, consists of a rectangular or square shaped baked chocolate that can include a variety of ingredients, including chocolate chips, cheese and nuts.
Answer:
D A company that makes brownies
Explanation:
im smart :) like this now
You invest $500 in a fund that has shown to have a mean annual increase of $120 per year. If you leave your initial
investment in the account, and invest no additional funds, how much will your account be worth at the end of 25 years?
a) $1,200
b) $2,500
c) $3,500
d) $3,800
The investment of $500 in a fund, the account at the end of 25 years would be $3,500. The appropriate response is option C.
What is investment?A purchase made with the intention of creating income or capital growth is known as an investment. An asset's value increasing over time is referred to as appreciation. When a person makes an investment, they do not intend to utilize the product immediately; instead, they intend to use it to build wealth in the future.
Stocks, bonds, and cash equivalents are the three main categories into which investments are often divided. Within each category, there are several distinct kinds of investments.
The investment of $500 in a fund, the account at the end of 25 years-
120x25=3000+500=3,500
Hence, option C is an appropriate response.
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The exchange rate between non-fixed currencies continuously fluctuates. The following chart shows the exchange rate of the pound sterling to the Japanese yen over a period of six days. Day £:¥ Monday 1:141.014 Tuesday 1:138.650 Wednesday 1:149.890 Thursday 1:144.209 Friday 1:148.176 Saturday 1:143.008 Tina has £72.90 to turn into yen. How much greater is the amount of yen she would receive if she made her trade on the most favorable day than if she made her trade on the least favorable day
Answer: D
Explanation: just took it
The greater the amount she would receive if she traded on the most favorable day as opposed to the least favorable day is ¥819.396.
What is the difference in the value of the trade?Exchange rate is the amount of one currency that is traded for another currency.
The most favorable time that the trade can be executed in when the yen has the highest value while the most unfavorable time the trade can be executed is when the yen would have the lowest value.
Most favorable trade : £72.90 x 149.890 = 10,926.98Least favorable trade: £72.90 x 138.650 = 10,107.59Difference in trade = 10,926.98 - 10,107.59 = 819.396To learn more about exchange rate, please check: https://brainly.com/question/25780725
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3. ______ are defined as goods or services that are required for health and safety.
Occupational Health and Safety are defined as goods or services that are required for health and safety. Information standards are guidelines governing the information that must be provided to consumers when they purchase specific goods.
What is the safety of goods?A safe product is one that delivers either no risk or a minimum tolerable level of risk, taking into account the product's typical or reasonably foreseeable use and the need to maintain a high level of consumer protection.
Occupational health and safety is a multidisciplinary discipline that deals with all elements of workplace health and safety, with a heavy emphasis on preventing workplace dangers.
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Krishna is 56 years old; he has contributed to the CPP without interruption for over 30 years. While crossing the street, Krishna was struck by a bus and seriously injured. He is currently hospitalized and on life support and his doctors have informed Krishna's family that it is uncertain as to whether he will awaken from his coma. Assuming at the time of his accident, Krishna was entitled to a CPP retirement benefit of $660, the flat-rate disability amount is $496.36 per month and the maximum monthly disability benefit is $1362.30, how much of a disability benefit will Krishna receive under the CPP? a) 50 b) $865.94 C) $991.36 d) $1156.36
Option(A) is the correct answer. Krishna will receive a disability benefit of $660 under the CPP.
To determine the disability benefit that Krishna will receive under the CPP, we need to consider a few factors. First, let's calculate the disability benefit based on the provided information:
The flat-rate disability amount is $496.36 per month.
The maximum monthly disability benefit is $1362.30.
Krishna's entitlement to a CPP retirement benefit is $660 per month.
To calculate the disability benefit, we compare the retirement benefit to the flat-rate disability amount and the maximum monthly disability benefit:
The disability benefit will be the lesser of:
The retirement benefit ($660)The flat-rate disability amount ($496.36) plus the retirement benefit minus the flat-rate disability amount.Let's calculate the disability benefit based on the above formula:
Disability benefit = min(retirement benefit, flat-rate disability amount + retirement benefit - flat-rate disability amount)
= min($660, $496.36 + $660 - $496.36)
= min($660, $660)
= $660
Therefore, Krishna will receive a disability benefit of $660 under the CPP.
Option (a) 50, option (b) $865.94, option (c) $991.36, and option (d) $1156.36 are not correct based on the given information. The correct answer is that Krishna will receive a disability benefit of $660 under the CPP.
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Krishna is 56 years old; he has contributed to the CPP without interruption for over 30 years. While crossing the street, Krishna was struck by a bus and seriously injured. He is currently hospitalized and on life support and his doctors have informed Krishna's family that it is uncertain as to whether he will awaken from his coma. Assuming at the time of his accident, Krishna was entitled to a CPP retirement benefit of $660, the flat-rate disability amount is $496.36 per month and the maximum monthly disability benefit is $1362.30, how much of a disability benefit will Krishna receive under the CPP? a) $660 b) $865.94 C) $991.36 d) $1156.36
Read the following situation and decide whether or not anyone in the situation commits sexual harassment. Justify your judgement: “Kylie is Hector’s boss. Hector is attracted to Kylie and asks her on a date. Kylie, although flattered, turns Hector down. He feels a little hurt, but doesn’t bring it up again. Kylie, speaking with both male and female coworkers, describes Hector’s proposal and makes a joke about the lack of romantic prospects in his future. Hector hears about this conversation a week later.”
Answer:
Hector does not commit sexual harassment against Kylie when he asks her out. It is a one time event, and he does not push the issue. Kylie does not commit sexual harassment when she refuses Hector's proposal for a date. She does not demean him. Kylie does commit sexual harassment when she brings the incident up in the workplace. She speaks disparagingly of Hector's sexuality and it gets back to him. He can bring a sexual harassment claim against Kylie through his company.
Explanation:
on e2020
Answer:
Hector does not commit sexual harassment against Kylie when he asks her out. It is a one time event, and he does not push the issue. Kylie does not commit sexual harassment when she refuses Hector's proposal for a date. She does not demean him. Kylie does commit sexual harassment when she brings the incident up in the workplace. She speaks disparagingly of Hector's sexuality and it gets back to him. He can bring a sexual harassment claim against Kylie through his company.
Explanation:
Which document determines the number of shares in a company?
a stock prospectus
an annual bill of rights
a corporate charter
an annual report
Answer:
C. a corporate charter
A Corporate Charter is document determines the number of shares in a company.
What is Corporate Charter?
Corporate charter is a legal document which is issued with the Secretary of State or registrar in order to establish a company as a corporation and contain every detailed information about company's share. The corporate charter contain information about governance, structure, objectives, operation, other information about the company and information about that total company shares and how much the company is willing to sell.
Therefore, A Corporate Charter is document determines the number of shares in a company
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According to the video, what are some qualities needed by Computer Support Specialists? Check all that apply.
physical strength and fitness
graphic design skills
patience and understanding
knowledge of computers and software
verbal and written communication skills
marketing and sales skills
Answer:
patience and understanding
knowledge of computers and software
verbal and written communication skills
Explanation:
Just answered it on edge
Some qualities needed by Computer Support Specialists are as follows:
patience and understandingknowledge of computers and softwareverbal and written communication skillsSo, the correct options are C, D and E.
Who are Computer Support Specialists?A computer support specialist is also commonly known as an IT specialist, network technician, tech support specialist, or network specialist. Computer support specialists refer to those providing assistance and guidance to individuals or organizations that are using computer software or equipment are new-age professionals also known as computer network support specialists.
Their job is to support the information technology employees working in their organization. Computer support specialists are assigned a variety of responsibilities that differ depending on whether they provide network or direct user support.
Therefore, the correct options are C, D and E.
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Andy, 68, has a gross estate currently valued at $2,500,000 that consists primarily of highly appreciated growth securities. Within the last six months, andy transferred $500,000 worth of these securities to his wife, harriet. His cost in these securities was $200,000. Harriet recently died. The fair market value of the transferred securities at the time of her death was $500,000. The securities passed to andy under the terms of harriet's will
If his cost in these securities was $200,000 and the fair market value of the transferred securities at the time of her death was $500,000. The income tax implication of the transfer of stock is $200,000.
Transfer of stockSince we were told his cost in the securities was the amount of $200,000 which means that basis the Harriet that received from the lifetime gift from Andy will be the same basis as that of Andy.
The reason why the basis will be the same is because Harriet died and did not live for more than a year, which in turn means that property is a basis since the property does not qualify as a reverse gift. Hence the basis will be the amount of $200,000.
Therefore If his cost in these securities was $200,000 and the fair market value of the transferred securities at the time of her death was $500,000. The income tax implication of the transfer of stock is $200,000.
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The complete question is:
Andy, age 68, has a gross estate currently valued at $2,500,000 that consists primarily of highly appreciated growth securities. Within the last six months, Andy transferred $500,000 worth of these securities to his wife, Harriet. His cost in these securities was $200,000. Harriet recently died. The fair market value of the transferred securities at the time of her death was $500,000. The securities passed to Andy under the terms of Harriet's will.
Which one is an income tax implication of the transfer of stock?
True or false: In the United States, sole proprietorships and partnerships outnumber corporations. True false question. True False
Answer:
True
Explanation:
Today there are more proprietorships and partnerships then there are corporations.
In the United States, sole proprietorships and partnerships outnumber corporations. The given statement is true. Hence, Option A is correct.
What is a proprietorship?Proprietorship or sole proprietorship is the state where an individual is having the whole sole authority or right regarding any business. It is that situation, in which the person who is the owner has all the rights.
Here, the conversation for rights is regarding business rights, in which a person will take all the decisions that are being found compulsory and are in favor of the business and its growth.
The term which can be used in place of a sole proprietorship is sole tradership. It is a type of business entity that is run by a single person and some of the family members can also join it. But the owner will be retained in the name of a single person.
Thus, a sole proprietorships in the United States outnumbers corporations. Option A is correct.
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Which of the following methods to save for education may not be available for use at a private or out-of-state school?
Money market account
Pre-paid plan
529 plan
Roth IRA
Answer:
pre-paid plan
Explanation:
:)
Which statement below correctly describes how to manage span of control.
"Managing span of control involves determining the optimal number of subordinates or direct reports that a manager can effectively supervise and manage to achieve organizational goals."
Span of control refers to the number of employees or subordinates that a manager or supervisor directly oversees. Managing span of control effectively is essential for maintaining organizational efficiency, communication, and ensuring effective supervision and support for employees. It involves finding the right balance between having too few or too many direct reports for a manager, considering factors such as workload, complexity of tasks, communication needs, and the manager's capabilities. By managing span of control appropriately, organizations can ensure effective management and maintain productivity and employee satisfaction.
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What is full form of OSHA? Why is it important to know for all the
workers? Use two real-life example to explain usefulness of
OSHA.
The full form of OSHA is the Occupational Safety and Health Administration. It is a federal agency in the United States that is responsible for ensuring safe and healthy working conditions for workers across various industries.
It is important for all workers to be aware of OSHA and its regulations because it helps protect their rights and well-being in the workplace. Here are two real-life examples to explain the usefulness of OSHA:
1. Construction Industry: In the construction industry, OSHA plays a vital role in ensuring the safety of workers. It sets and enforces safety standards that help prevent accidents, injuries, and fatalities. For instance, OSHA regulations require the use of protective equipment such as hard hats, safety harnesses, and high-visibility vests to protect workers from hazards on construction sites. By adhering to OSHA standards, employers are obligated to provide proper training, safe work environments, and equipment to minimize the risks associated with construction work.
2. Manufacturing Industry: In manufacturing facilities, OSHA regulations are crucial for maintaining a safe and healthy workplace. For example, OSHA guidelines specify safety measures for operating machinery, handling hazardous materials, and preventing workplace injuries. Workers in manufacturing plants are trained on OSHA standards related to lockout/tagout procedures, personal protective equipment (PPE), and proper handling of chemicals. These regulations help reduce the likelihood of accidents, exposure to toxic substances, and other health hazards.
The usefulness of OSHA can be seen through its impact on reducing workplace injuries, illnesses, and fatalities. By enforcing safety regulations and conducting inspections, OSHA promotes a culture of safety, encourages employers to implement safety measures, and empowers workers to speak up about potential hazards. Additionally, OSHA provides resources and training to employers and employees to enhance their knowledge and understanding of safety practices.
Overall, OSHA is important for all workers because it ensures that employers prioritize the health and safety of their workforce. It provides workers with a framework of rights and protections, promotes safe work environments, and holds employers accountable for maintaining high standards of occupational safety and health. By adhering to OSHA regulations, workers can have peace of mind knowing that their well-being is a top priority in the workplace.
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If imports are greater than exports, which of the following is true?
O Trade balance is positive resulting in a deficit
O Trade balance is negative resulting in a deficit
O Trade balance is positive resulting in a surplus
O Trade balance is negative resulting in a surplus
Answer:
Trade balance is negative resulting in a deficit
Explanation:
The difference between a country's value of imports and exports is known as the balance of trade. When imports of a country surpass the exports in a particular period, it is said to have a trade deficit. The balance of trade is negative should a country be a net importer.
A trade surplus is when a country is a net exporter. Should the value of a country's exports exceed the imports, the balance of trade is positive, and the country is said to have a trade surplus.
can someone tell me what car u like bc i need inspo, like a V6 or something
Answer:
My personal favs are the Ford GT 2017, the Lamborghini Veneno, the Aston Martin Vulcan, and the Koenigsegg Jesko.
gdp as a measure of the economy is limited by its inability to measure nonmarket activities such as:
GDP (Gross Domestic Product) is widely used as a measure of the economy, as it measures the monetary value of all goods and services produced within a country's borders during a specific period of time. However, GDP has several limitations, one of which is its inability to measure nonmarket activities.
Nonmarket activities are those that are not exchanged for money, and therefore, they are not included in the calculation of GDP. Examples of nonmarket activities include household work, volunteer work, and leisure time. These activities contribute to the well-being of individuals and society as a whole, but they are not reflected in GDP.
The exclusion of nonmarket activities from GDP can lead to an inaccurate representation of a country's economic well-being. For example, if a country experiences an increase in GDP due to an increase in the production of goods and services, but this growth comes at the expense of increased stress and workload for individuals, the overall well-being of the country may not have improved.
Therefore, while GDP is a useful measure of the economy, it should be supplemented with other indicators that can capture nonmarket activities and the overall well-being of individuals and society. Indicators such as the Human Development Index and the Genuine Progress Indicator attempt to do this by incorporating factors such as health, education, and environmental quality into their calculations.
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Type the correct answer in the box. Spell all words correctly.
What need is influenced by an individual’s personality, culture, and environment?
______ are needs that are influenced by an individual’s personality, culture, and environment, while needs are essential to human life.
Answer:
WANTS are those needs(things that u don't need that moment like cars etc) which influence one personality, culture and environment.Discuss ONE idea from the course so far that you find most
interesting and actually useful in real life
subject :- Microeconomic
This is just a disscussion.
One idea from the Microeconomic course that is both interesting and useful in real life is the concept of opportunity cost. Opportunity cost is the cost of choosing one alternative over another. It is the cost of what is forgone in order to pursue a certain action or choice.
This concept can be applied in real life in numerous ways, from making personal decisions to business decisions. For instance, when making a personal decision, you may decide to go to a movie instead of studying for an exam. The opportunity cost of going to the movie is the potential grade you may get in the exam if you had spent that time studying.
In business, the concept of opportunity cost helps in decision making when choosing between two investment opportunities. The company will consider the potential profit or loss of each investment and the opportunity cost of not choosing the other investment.
Therefore, understanding opportunity cost can help individuals and businesses make better decisions by considering the potential benefits and drawbacks of each choice.
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