An effective tool for showing steps of a service process when the business process spans multiple department boundaries is called a "cross-functional flowchart" or "swimlane diagram".
These tools provide a visual representation of a business process from beginning to end, showing the steps and interactions between departments or individuals involved. The swimlane diagram typically displays each department as a "swimlane" or "lane," and the process flow is displayed in the lanes, illustrating who is responsible for each step.
Cross-functional flowcharts are useful in identifying bottlenecks and inefficiencies in the process, and in determining which departments or individuals are responsible for resolving the issues. They also help in identifying areas where changes can be made to improve the process, and in ensuring that everyone involved in the process has a clear understanding of their role and responsibilities.
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acme, inc.'s books show an ending cash balance of $10,000 before preparing the bank reconciliation. given that the bank reconciliation shows outstanding checks of $3,000; deposits outstanding of $2,000; nsf check of $100; and interest earned on the bank account of $10, the company's up-to-date ending cash balance equals: multiple choice question.
Based on the information provided, the company's up-to-date ending cash balance can be calculated as follows:
Beginning cash balance = $10,000
Outstanding checks = -$3,000
Deposits outstanding = +$2,000
NSF check = -$100
Interest earned = +$10
To calculate the up-to-date ending cash balance, we need to adjust the beginning balance for these items:
$10,000 - $3,000 + $2,000 - $100 + $10 = $8,910
Therefore, the company's up-to-date ending cash balance is $8,910.
It's important to note that bank reconciliations are important tools for businesses to ensure that their accounting records match their bank statements. By reconciling the two, businesses can identify and resolve discrepancies, which can help prevent fraud and errors in financial reporting.
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when chinese e-commerce company alibaba sold company stock in public markets for the first time, it was called
The concept is an IPO, which is the first public sale of a company's issued shares.
An initial public offering, or share immolation, is a public immolation in which a company's shares are vended to institutional investors and generally also to retail investors. An IPO is generally capitalized by one or further investment banks, which also list the shares on one or further stock exchanges.
The transition from a private company to a public company can be an important time for retail investors to completely realize their investment returns, as it generally involves an original charge for being retail investors.
private companies work with investment banks to make their stock public, taking a tremendous quantum of due industriousness, marketing and nonsupervisory conditions.
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suppose an auto manufacturer produces 20,000 vehicles this year and only sells 15,000 of them to auto dealers. under which expenditure approach category do the remaining 5,000 vehicles fall?
A car manufacturer makes 20,000 vehicles, but only sells 15,000 of them to car dealers. The remaining 5,000 automobiles fall under the investment expenditure approach category.
What factors affect investment spending?Investment expenditures are costs incurred for brand-new capital equipment. The four types of investment include new nonresidential structures, adjustments to inventory, producer's permanent equipment and software, and residential structures. Investment increases the capital stock, and the amount of capital that is accessible to a business is a key factor in determining its productivity. Investment supports economic expansion in this way. spending by the corporate sector on finished products and services, or GDP, particularly the acquisition of useful capital goods. The macroeconomic activity that affects both short-term business cycles and long-term economic growth is heavily influenced by investment spending. The entire amount spent by all businesses on capital goods is referred to as investment expenditure.
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the great outdoors is having a sale on their road bikes. the store is also offering financing to those who qualify. the road bike that you are interested in is a bianrekmondiant that is on sale for $2,199. the sales associate informs you that the closed-end installment loan offered by the store is a 36 month installment plan with monthly payments of $82.83. determine the finance charge (interest) of the installment loan.
The finance charge (interest) of the installment loan is $1,333.08.
What is the finance ?Finance is the study and management of money, investments, and other financial assets. It includes understanding and analyzing financial markets, financial instruments, financial institutions, and the money flows in an economy. It is a broad field that covers topics such as personal financial planning, corporate finance, investments, banking and insurance, public finance, and international finance. The goal of finance is to maximize wealth and minimize risk. This can be achieved by managing resources, setting goals, analyzing data, and making informed decisions.
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the cost of a water purification system can be used to measure the willingness to pay for improved water quality, according to the:
Secchi discs (which measure the transparency of the water), probes, nets, gauges, and metres are just a few of the many tools scientists use to assess the quality of the water.
Some toxins in our water might cause health concerns, such as neurological diseases, reproductive transparency, and gastrointestinal illnesses. Those with low immune systems, infants, young children, quality women, the elderly, and preg-nant women may be particularly susceptible to sickness.
Frequent transparency measurement is a crucial transparency management technique because it: Encourages the efficient use of limited resources and the provision of essential services. gives the data required to manage health insurance policies, medical professionals.
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What is one of the most common sources of entrepreneurship?
History of Employment Interests and Hobbies Possibilities and Strengths Channels of Distribution: Friends and Family The most prevalent sources of entrepreneurship are travel current trends.
Entrepreneurship is the ability and readiness to start, plan, and run a business enterprise with all of its uncertainties in order to make a profit. The most obvious manifestation of entrepreneurship is the founding of new businesses. Entrepreneurship integrating land, labour, raw resources, and capital can be financially successful. Entrepreneurship that is successful in assuming the risks associated with starting a business is rewarded with cash, fame, and potential for expansion. Failure in entrepreneurship results in losses and a weakened market position for those involved.
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to an economist, the four factors of production are multiple choice labor, workers, profit, and services. entrepreneurship, machinery, workers, and profit. land, labor, capital, and entrepreneurship. none of the choices are correct.
Factors of production are the inputs needed for the creation of a good or service, these include labor, entrepreneurship, and capital.
What is entrepreneurial activity?Entrepreneurship, at the most basic level, refers to an individual or a small number of partners who embark on a novel course to found a new company. An aspiring entrepreneur actively seeks out a certain commercial enterprise, and it is they who take up the majority of the program's risk.
What is an entrepreneur's job description?An entrepreneur is somebody who develops and expands a firm employing their original ideas. Along with generating income, businesspeople contribute significantly in the advancement of their organizations.
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3. crown company uses process costing and the weighted average method. the first department is assembly and it has (1) materials and (2) conversion. the following information is available for january 2023. beginning work in process had 20,000 units. they were 100% complete in materials and 75% complete in conversion. ending work in process had 40,000 units. they were 100% complete in materials and 25% complete in conversion. 180,000 units were started into production in january. 160,000 units were completed and transferred out. beginning work in process had $25,200 costs in materials and $24,800 costs in conversion. costs added during january were $334,800 in materials and $238,700 in conversion. required: a.) compute equivalent units of production for materials and for conversion for january. b.) compute the cost per equivalent for materials and for conversion for january. c.) compute the cost of ending work in process inventory for materials, for conversion, and in total for january. d.) compute the cost of units transferred out for materials, for conversion, and in total for january. e.) prepare a cost reconciliation for the assembly department for january.
Crown Company use the weighted average approach and process costing. Assemblies must determine equivalent units of output for materials and conversion for January in their first department.
Production processes that are standard use a process costing system. Every time a process cost sheet for a department is created, it is quite likely that the department has some incomplete units either in its beginning work in process, ending work in process, or both. In such a scenario, it's critical to establish a cost flow assumption, or an understanding of the sequence in which costs are distributed to the following department. Both first-in, first-out (FIFO) and weighted average are cost-flow hypotheses.
The expenses are averaged out and equally applied to both units transferred out and units in closing work in process in the weighted average method of process costing. Weighted average approach differs from FIFO method, which posits that costs introduced first into a department are transferred out first.
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if a company overstates its ending inventory for the current year, what are the effects on cost of goods sold and net income for the current year?
The understatement of cost of products sold and the overstatement of net income for the current year will result from the overstatement of ending inventory for the current year.
The value of the inventory represented on the balance sheet is higher than its real worth when a corporation overstates its ending inventory. In turn, this will result in a cheaper cost of goods sold because the cost of the inflated inventory won't be taken into account. The current year's net income of the company will be inflated because net income is determined by deducting cost of goods sold from revenue.
Essentially, an overstatement of closing inventory can falsely inflate a company's profits for the current year and, if the overstatement is not corrected, can have a cascade effect on future financial statements. To avoid such mistakes and maintain the integrity of their financial reporting, businesses must guarantee the accuracy of their inventory accounting.
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dan dayle started a business by issuing an $80,000 face value note to first state bank on january 1, year 1. the note had an 8 percent annual rate of interest and a five-year term. payments of $20,037 are to be made each december 31 for five years. required what portion of the december 31, year 1, payment is applied to interest expense and principal? what is the principal balance on january 1, year 2? what portion of the december 31, year 2, payment is applied to interest expense and principal? (round your answers to the nearest dollar amount.)
The $5,309 of the December 31, year 2 payment is applied to interest expense and $14,728 is applied to principal.
The note has an $80,000 face value, an 8% annual interest rate, and a 5-year term, with payments of $20,037 due each December 31.
To calculate the portion of the December 31, year 1 payment that is applied to interest expense and principal:
First, we can calculate the total interest expense for the year:
Interest expense = Beginning balance x Interest rate
= $80,000 x 8%
= $6,400
Next, we can calculate the amount of the payment that goes towards interest:
Interest payment = Beginning balance x Interest rate
= $80,000 x 8%
= $6,400
Finally, we can calculate the amount of the payment that goes towards principal:
Principal payment = Total payment - Interest payment
= $20,037 - $6,400
= $13,637
Therefore, $6,400 of the December 31, year 1 payment is applied to interest expense and $13,637 is applied to principal.
To calculate the principal balance on January 1, year 2:
First, we can subtract the principal payment made on December 31, year 1 from the original principal balance:
$80,000 - $13,637
= $66,363
Therefore, the principal balance on January 1, year 2 is $66,363.
To calculate the portion of the December 31, year 2 payment that is applied to interest expense and principal:
We can use the same approach as before.
First, we can calculate the total interest expense for the year:
Interest expense = Beginning balance x Interest rate
= $66,363 x 8%
= $5,309
Finally, we can calculate the amount of the payment that goes towards principal:
Principal payment = Total payment - Interest payment
= $20,037 - $5,309
= $14,728
Therefore, $5,309 of the December 31, year 2 payment is applied to interest expense and $14,728 is applied to principal.
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a bank with national presence is rolling out an offer to its clients who have $ 50k plus in their savings account. the offer is as below: 1. the clients of the bank will be able to invest up to 50 % of the amount available in their savings account to a fixed deposit which will provide more than the prevailing interest. 2. however, the minimum amount which can be invested in the fixed deposit will be $ 10,000.00, the client will be able to invest from $ 10,000.00 up to a maximum of 50% of the amount available in his / her savings account. 3. the lock in period for fixed deposit and additional interest to be paid by the bank will be as below : a). fixed deposit six months and above - 1 % more than the prevailing rate for the fixed deposit. b). fixed deposit twelve months and above - 1.5 % more than the prevailing rate for the fixed deposit. c). fixed deposit twenty-four months and above - 2 % more than the prevailing rate for the fixed deposit. 4. at the time of investing the money in the fixed deposit, the customer can choose from two options a). lock the term of the deposit ( if the client breaks the term of the deposit, then the client will get back the principal amount only, no interest ). b). client wants flexibility to be able to break the term of the contract in case of some emergency ( if the client breaks the term of the deposit , then the client will get back the principal amount plus fifty ( 50 % ) percent of the interest payable as on the date the term of the deposit is broken ).
Answer: i don't understand what you are looking for can you explain more
Explanation:
whenever technology advances, an economy can produce more output with multiple choice more resources. no resources. current resources. fewer resources.
Whenever technology advances, an economy can produce more output with current resources. Prosperity depends on the more efficient productivity of more and better goods and services, which is made possible by technological advancement. The answer is OPTION C.
Natural resource supplies can sometimes grow as a result of technology advancements. However, technical advancements more generally lead to an increase in the productivity of labour, capital, and other resources. Total factor productivity is the output of all factors' combined inputs. Human resources, like labour and management, and nonhuman resources, such land, capital goods, financial resources, and technology, are two categories of economic resources.
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costs capture the value of the alternative use of the resources employed. multiple choice threat; best opportunity; average opportunity; best opportunity; worst threat; worst
Opportunity costs capture the value of the best alternative use of the resources employed.
Employment is a two-person partnership that oversees the supply of paid employment services. One of the parties, the employer, which can be a firm, a nonprofit organization, a cooperative, or any other organization, pays the other party, the employee, according to the terms of the contract in exchange for executing the task allocated to them.
Employees conduct labor for money, which may take the shape of hourly wages, piece rates, or yearly earnings, depending on the nature of the job performed, industry circumstances, and the parties' negotiating strength.
Hence the correct option is C
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The above question is incomplete the complete question is-
________costs capture the value of the _______ alternative use of the resources employed.
a-Threat; worst
b-Opportunity; average
c-Opportunity; best
d-Opportunity; worst
ricki is charged with a crime in a small town in michigan. ricki knows many people who live in the town due to its small size. ricki's attorney argues that the case should be heard in a different town because the case will harm ricki's reputation in this small town. the prosecuting attorney argues for the case to be heard in the small town in michigan. the concept the attorneys are arguing over is:____.
The prosecuting attorney argues for the case to be heard in the small town in michigan, the concept the attorneys are arguing over is venue.
Who is attorney?
An attorney, also known as a lawyer, is a professional who practices law, as an advocate, barrister, solicitor, counselor, attorney, or civil law notary.
They provide legal advice and representation to clients, and are licensed by state bar associations to practice law.
Attorneys can specialize in various areas of law such as criminal law, civil law, family law, intellectual property law, and more. They are responsible for upholding the law and protecting the rights and interests of their clients.
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why is communication with another person or group described as an action chain? give an example of an action chain that might occur when you meet (1) a friend, (2) your new boss, and (3) a young child. gg
Communication is referred to as a "action chain" because one word or action might result in the creation of another, like a link in a chain.
What do you mean by an action chain in communication?Action chains are sets of steps where the activity or benefit of one step serves as the signal for the following step. Therefore, the sequence is: Cue --> Action --> Reward --> Cue --> Action --> Reward.
A talker and a listener are connected through an electric, visual, or aural channel in a communication chain.
The wheel network, chain network, circle network, and all-channel network, which are each of four different varieties.
Therefore, Communication is referred to as a "action chain" because one word or action might result in the creation of another, like a link in a chain.
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a company in maine sends lobsters to france. what is maine doing? select three options. importing products practicing international trade exporting products
A company in maine sends lobsters to france exporting products, practicing international trade, importing products.
Since the corporation is trading its commodities across international borders, Maine is engaging in international trade if it sends lobsters to France. By transferring its goods from one nation, in this case the United States, to a different nation, France, it is also exporting goods. Because of the business, Maine was: Engaging in international trade when it transported lobsters to France. exporting merchandise. taking part in globalisation When goods are transported from one country to another, the one from whence they originated would be exporting those goods, which is what Maine was doing.
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the process of creating a profile of your ideal customer for the purposes of developing a marketing strategy is known as what?
Any good marketing strategy, whether written in 1916 or 2016, starts with identifying the customer and their needs. And it all starts with developing an ideal customer profile, also known as a buyer persona.
What is the customer profiling procedure?
Customer profiling is the process of describing a customer or group of customers based on demographics, psychographics, purchasing patterns, and other factors.
An ideal customer profile (ICP), also known as an ideal buyer profile, defines the ideal customer for the problem that your company solves. This is a fictitious company with all of the characteristics that would make it the best fit for the solutions you offer.
Therefore, In other words, it is identifying the characteristics of people who are most likely to buy your product or service and get a lot out of it.
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For which product is demand likely to be the most elastic? a) A product with no substitutes b) a product with many adequate substitutes c) a product with inadequate substitutes d) it is impossible to tell
Because people are willing to purchase at a cheaper price if prices drop, expensive goods frequently exhibit large elasticities. Products with numerous alternatives or rivals are elastic because customers switch to other products as the price of the original product rises.
What contexts exist for the word "purchase"?
When a noun form is necessary, such as in the phrase: You made a wise purchase when you bought gasoline before the price climbed., the word "buy" should also be used. Try to use "buy" for simple transactions and "purchase" for more formal cash exchanges for goods. The value of all products and services purchased during the accounting period for resale or consumption in the manufacturing process is included in purchases of goods and services, with the exception of capital goods, whose consumption is recorded as consumption of fixed capital.
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Core competencies of a business are generated by the interaction of ______.A. value on investment (voi) and return on investment (roi)B. resource heterogeneityC. resources and capabilitiesD. competitive advantage
Core competencies of a business are generated by the interaction of resources and capabilities.
What is Core competency?Resources refer to the assets that a company has at its disposal, such as financial capital, human capital, physical assets, and intellectual property. Capabilities refer to the skills and abilities that a company has to effectively utilize these resources to create value for its customers.
A core competency is a unique capability or combination of capabilities that allows a company to provide a product or service in a way that is superior to its competitors. It represents a competitive advantage that is difficult for other firms to replicate or imitate.
Therefore, the interaction of a company's resources and capabilities is essential for the development of its core competencies. The effective combination of resources and capabilities can create a sustainable competitive advantage and generate value for the company and its stakeholders.
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the extent to which a change in price causes a change in the quantity demanded
TRUE. The statement "The extent to which a change in price causes a change in the quantity demanded" is true.
The extent to which a change in price causes a change in the quantity demanded is known as the price elasticity of demand. Price elasticity of demand measures the responsiveness of quantity demanded to a change in price, and is calculated as the percentage change in quantity demanded divided by the percentage change in price. If the percentage change in quantity demanded is greater than the percentage change in price, demand is said to be elastic. If the percentage change in quantity demanded is less than the percentage change in price, demand is said to be inelastic. If the percentage change in quantity demanded is equal to the percentage change in price, demand is said to be unit elastic.
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The extent to which a change in price causes a change in the quantity demanded? True/False
the uncertainty that exist due to portion of demand that the supply chain is required to meet is the question 6 options: average forecast error implied demand uncertainty demand uncertainty rate of strategic uncertainty
The uncertainty that exists due to the portion of demand that the supply chain is required to meet is the implied demand uncertainty.
Demand uncertainty refers to the variability or unpredictability of customer demand for a product or service, which creates uncertainty in the supply chain. The portion of demand that the supply chain is required to meet can affect the level of demand uncertainty, as well as the level of risk and complexity in the supply chain. Therefore, the uncertainty that exists due to the portion of demand that the supply chain is required to meet falls under the category of demand uncertainty.
Rate of strategic uncertainty refers to the degree of unpredictability or change in the competitive environment or market conditions. Implied demand uncertainty refers to the level of uncertainty that is implied by the forecasts or estimates of future demand. Average forecast error refers to the difference between the predicted or forecasted demand and the actual demand.
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complete question:
The uncertainty that exists due to the portion of demand that the supply chain is required to meet is the
A) rate of strategic uncertainty.
B) demand uncertainty.
C) implied demand uncertainty.
D) average forecast error.
E) none of the above
what are two of the differences between large and small company payroll practices quizzlet
The two differences between large and small company payroll practices lie in their level of complexity and automation.
There are several differences between large and small company payroll practices. Two of the main differences are:
1. Complexity: Large company payroll practices are generally more complex than small company payroll practices. This is because large companies have more employees, which means that they have to deal with more payroll-related issues, such as tax withholding, benefit deductions, and other payroll-related matters. Small companies, on the other hand, have fewer employees, which means that they have to deal with fewer payroll-related issues.
2. Automation: Large companies are more likely to use automated payroll systems than small companies. This is because large companies have more employees and more complex payroll practices, which makes it more difficult to manage payroll manually. Small companies, on the other hand, are more likely to use manual payroll systems, as they have fewer employees and less complex payroll practices.
Overall, there are several key differences between large and small company payroll practices, including the level of complexity and the use of automation.
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Based on evidence cited in the chapter, with which job aspect are people LEAST satisfied?
A. Pay
B. Promotion opportunities
C. Supervision
D. The work itself
E. Coworkers
Based on the evidence presented in this chapter the aspect of the job are you Least satisfied with Variant B. Promotion opportunity
The required details of promotion is given below.
In marketing, advertising refers to any type of marketing communication used to inform the target audience, in most cases by persuasion, of the relative merits of a product, service, brand or issue. It helps marketers create a distinctive place in the minds of customers, it can be a cognitive or emotional journey. The purpose of the promotion is to increase brand awareness, generate interest, generate sales or build brand loyalty. It is one of the basic elements of the market mix, which consists of the four Ps, namely product, price, location and promotion.
The promotion includes the means of communication used by the retailer to convey information about their product. Information can be both verbal and visual.
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an entrepreneur would choose a franchise over an independent startup most likely because of the group of answer choices freedom in decision making. guidance provided for organizational structure. probability of success. opportunities to meet and share ideas with other executives.
An entrepreneur would most likely choose a franchise over an independent startup because of the guidance provided for organizational structure.
Franchises typically come with a well-established business model, operational procedures, and support systems that can be replicated across different locations. This guidance can be especially beneficial to entrepreneurs who may not have prior business experience and are looking for a proven system to follow.
While franchises do offer some level of decision-making freedom, it is usually within the confines of the established franchise model. Additionally, while the probability of success may be higher with a franchise due to the established business model, there is still a level of risk involved with any business venture.
Opportunities to meet and share ideas with other executives may be a potential benefit of owning a franchise, but it is not typically a primary reason for choosing a franchise over an independent startup.
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When income changes, ________ can either increase or decrease
When income changes, consumption can either increase or decrease.
Why do Consumption Increase or Decrease When Income changes?This is because consumption is directly related to income. When people have more income, they tend to spend more on goods and services.
Conversely, when people have less income, they tend to spend less on goods and services. This relationship between income and consumption is known as the income effect.
Therefore, When income changes, consumption can either increase or decrease.
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The most basic question in an ethics-based management system is asking the question:
a) Is it balanced?
b) Is it legal?
c) Who will know?
d) Has it been done before?
b
Is it legal is the most basic question in an ethics based management system.
What three categories exist for management ethics?Managerial ethics are moral principles or standards of behaviour that managers of organisations employ to conduct their operations. According to Archi B. Carroll, managers fall into one of three categories based on their moral or ethical judgement: immoral management, amoral management, or moral management. A little more specifically, ethical management requires individuals who are in charge of a certain department or the entire organisation to put good deeds into action. These strategies must support not only the employees of the company but also the organisation as a whole. Two coworkers who follow different religions argue about their ideologies.
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Which factor would cause an increase in the supply of a good? a. expectations of future price increases b. a fall in the price of the good c. input prices rising d. an increase in the number of sellers
Expectations of future input increases factor would cause an increase in the supply of a good .
What does the supply curve mean?
An illustration of the relationship between a change in the cost of a commodity or service and the volume that a seller supplies is called a supply curve.
The horizontal x-axis displays the quantity supplied, while the vertical y-axis displays the price. Typically, a supply curve depicts the relationship between the quantity of goods produced and the price.
What factors lead to a rise in supply?
If the cost of manufacturing is reduced, there will be more profit at a given price, which will encourage manufacturers to create more. More being produced at every price will cause the supply curve to slant to the right, increasing supply.
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New Zealand's economy has received recent boosts from _____.
tourism
foreign investors
agriculture
trade with China
natural gas
Answer:
AVEEEEEEEEEEEEEEE MARIAAAAAAAAAAAAAAAAA
Explanation:
in his theory of absolute advantage, adam smith advocated that __________ should determine what a country imports and what it exports.
In his theory of absolute advantage, Adam Smith advocated that a country's ability to produce a particular good more efficiently than other countries should determine what it exports and what it imports.
He believed that this specialization would lead to increased productivity and economic growth, benefiting both trading partners. By specializing in the production of goods in which they have an absolute advantage, countries can trade with each other and benefit from the gains of trade.
For example, if a country has an absolute advantage in producing cars, it can produce cars at a lower cost and more efficiently compared to other countries. Another country may have an absolute advantage in producing textiles.
By specializing in the production of cars and textiles respectively, both countries can trade with each other and benefit from the resulting gains in productivity, output, and wealth. Smith's theory of absolute advantage laid the foundation for international trade theory and provided a rationale for free trade.
According to this theory, trade should be based on the principle of comparative advantage, which means that countries should produce and trade goods in which they have a comparative advantage, even if they do not have an absolute advantage.
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Developing a strategic vision for a company entails:
a) prescribing a future strategic direction for the company to pursue and a rationale for why this strategic path makes good business sense.
b) describing its business model and the kind of value that it is trying to deliver to customers.
c) putting together a story line of why the business will be a moneymaker.
d) describing "who we are and what we do"
e) coming up with a 5-year term plan for outcompeting rivals
Developing a strategic vision for a company entails: "a) prescribing a future strategic direction for the company to pursue and a rationale for why this strategic path makes good business sense."
Why it is ?
Developing a strategic vision involves setting a long-term direction for the company and creating a clear rationale for why this direction makes sense for the business. This involves identifying the company's goals, mission, and values, as well as understanding its competitive environment and market trends.
The strategic vision should provide a clear roadmap for where the company is headed and what it hopes to achieve, and it should be aligned with the company's overall strategy and goals. It should also be communicated clearly to all stakeholders, including employees, customers, investors, and partners.
While describing the business model, identifying value proposition, and coming up with a 5-year term plan are important components of developing a strategic vision, they are not sufficient on their own. A strategic vision needs to be comprehensive, forward-looking, and grounded in a clear understanding of the company's market and competitive environment.
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