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
The core competencies of a business are generated by the interaction of:________
The core competencies of a business are generated by the interaction of resources and capabilities.
What are a business's fundamental competencies?The distinctive goods, services, abilities, and skills that offer a company an edge over rivals are referred to as core competencies. In other words, a company's core capabilities are advantages over rivals that they cannot realistically match or offer.
What does marketing's core competency entail?Core competencies are the assets, goods, abilities, and skills that provide a company an edge over its rivals. A core competency is usually something that is challenging to imitate, such as a distinctive product or a distinctive brand voice.
Core competency analysis: what is it?The process of determining a company's essential strengths and characteristics that set it apart from its rivals, as well as how to leverage these core competencies to create lasting competitive advantage, is known as core competency analysis.
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you begin by reminding the leadership team of the management functions that are necessary for domestic and international businesses. categorize the management function indicated by each question. plan organize lead control will we need to enforce close supervision in foreign locations? how much authority and span of control should we give our local managers in each country facility? what are our foreign competitors doing in each market? what will most motivate employees of different cultural backgrounds?
"Will we have to impose strict surveillance in foreign locations" - Control "How much power and control should we delegate to our local managers in each national facility.
Arrange for a discussion on "What are our foreign rivals doing in each market" - Make a plan for "What will most encourage personnel from diverse cultural backgrounds?" - Lead The first question concerning imposing tight supervision in foreign places is about management's control role. The second question, regarding the power and scope of control for local managers in various national facilities, is about management's organizing role. The final question concerning foreign rivals in each market is about management's planning role. The fourth question for encouraging employees from diverse cultural backgrounds is concerning management's leadership function.
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what is the aim of producing good and services for firms in: a market economy
Answer:
In a market economy, the primary aim of producing goods and services is to make a profit. Firms compete with each other to sell their products to consumers, and the competition drives prices down and improves the quality of the goods and services being offered. By producing goods and services that people are willing to buy, firms can earn profits, which they can then reinvest in their operations to continue growing and improving their business.
In this type of economic system, consumers ultimately determine what goods and services are produced, as they vote with their dollars by choosing which products to buy. This results in a focus on producing what people want, rather than what is deemed important by a central authority.
Additionally, producing goods and services can also create jobs and contribute to the overall growth and development of the economy. By meeting the needs and desires of consumers, firms can help improve the standard of living for individuals and communities.
debt management ratios measure the extent to which a firm uses financial leverage and the degree of safety afforded to blank . they include the: (1) debt-to-assets ratio, (2) times interest earned ratio (tie), and (3) ebitda coverage ratio. the first ratio analyzes debt by looking at the firm's blank , while the last two ratios analyze debt by looking at the firm's blank . the debt-to-assets ratio measures the percentage of funds provided by blank . high debt ratios that exceed the industry average may make it costly for a firm to borrow additional funds without first raising more blank .
Debt management ratios gauge a company's use of financial leverage and the level of security provided to the blank. among them are the creditors.
The debt-to-asset ratio, the debt-to-equity ratio, and the times interest earned (TIE) or interest coverage ratio are examples of common debt management ratios. They will reveal whether your company is losing money and on the verge of bankruptcy or whether it can afford its debt's interest costs and repay them.
The debt-to-assets ratio calculates how much debt a business has compared to its total assets. A firm's ability to repay its debt with its available assets is determined by how much of the company is funded by debt as opposed to assets, which is measured by a company's leverage.
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stakeholder engagement is best described as a multiple choice program. relationship. process. systems model.
Stakeholder engagement is best described as a relationship. Thus, option 'A' is the correct option.
What is stakeholder engagement?The systematic identification, analysis, planning, and execution of actions aimed at influencing stakeholders is known as stakeholder engagement. The requirements of important groups are identified via a stakeholder engagement strategy, and the sponsor is crucial in ensuring that these business demands are addressed.
Stakeholder involvement is: Ethically and methodically gathering competitive intelligence. The gathering of data obtained from studying various surroundings. The constant process of developing relationships with stakeholders by a firm. Consistently conveying firm activities to stakeholders is a critical engagement tactic.
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social entrepreneurship is a growing phenomenon. do you believe that for-profit businesses can have a social mission equal to their profit mission? should they do so if it means hurting profits?
A nonprofit organization is so much more viable than with a charitable group that depends on grants because it is a for-profit company. The social enterprise is a hybrid. They guarantee to deliver some of the advantages of for-profit businesses, such as efficiency, concentration, and capital availability.
Is social entrepreneurship a business venture?Although if there is a higher emphasis on bringing about social or environmental reforms, entrepreneurship is a business venture that is occasionally mistaken for nonprofit organizations.
Why is social entrepreneurship important? What is it?
In general, social entrepreneurship refers to a brand-new, cutting-edge company endeavor that affects change. A social entrepreneur creates a business plan with the goal of having a positive impact on a certain subject they are passionate about. The major objective is to use business to bring about long-lasting social transformation.
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the work in process inventory account of a manufacturing company has a $7,728 debit balance. the company applies overhead using direct labor cost. the cost sheet of the only job still in process shows direct material cost of $2,800 and direct labor cost of $1,600. therefore, the company's predetermined overhead rate is: multiple choice 175% of direct labor cost. 57% of direct labor cost. 208% of direct labor cost. 119% of direct labor cost. 48% of direct labor cost.
Answer is 208% of direct labor cost.
To calculate the predetermined overhead rate using direct labor cost, we need to divide the total estimated manufacturing overhead cost by the total estimated direct labor cost.
We are given that the work in process inventory account has a $7,728 debit balance, and the only job still in process has direct material cost of $2,800 and direct labor cost of $1,600. This means that the total manufacturing overhead applied to the job is:
Manufacturing overhead = Total cost - Direct material cost - Direct labor cost
Manufacturing overhead = $7,728 - $2,800 - $1,600
Manufacturing overhead = $3,328
We also know that the direct labor cost is $1,600. Therefore, we can calculate the predetermined overhead rate as follows:
Predetermined overhead rate = Estimated manufacturing overhead cost / Estimated direct labor cost
Predetermined overhead rate = $3,328 / $1,600
Predetermined overhead rate = 208% of direct labor cost.
Therefore, the answer is 208% of direct labor cost.
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One of your regular customers calls to complain that her take-out order was incorrect and she was double charged for an item she didn't receive. What should you do?
Apologize and tell her you hope she'll order again.
Apologize and offer her a coupon for 50% off her next order.
Find out who messed up the order and make them pay for it."
As a business, it is important to handle customer complaints in a professional and courteous manner. In this situation, the best course of action would be to apologize and offer the customer a coupon for 50% off her next order.
This will help to rectify the situation and show the customer that you value their business and are willing to make things right. It is not appropriate to find out who messed up the order and make them pay for it, as this does not address the customer's concerns and could potentially create a hostile work environment. Remember, regular customers are valuable to a business and it is important to maintain a positive relationship with them.
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businesses that have a central management that determines policies, advertising, and pricing for all stores is called__A. RetailerB. WholesalerC. Chain StoresD. Service Business
Businesses that have a central management that determines policies, advertising, and pricing for all stores is called retailer. Typically, retailers don't produce their own goods. The answer is OPTION A.
They buy products from a manufacturer or a wholesaler and then sell them in small quantities to customers. Wholesalers are people who buy products in large quantities from manufacturers with the intention of reselling them for a profit.
Retailers are people who make purchases from wholesalers and sell goods to consumers in smaller quantities. A retailer buys in bulk from wholesalers and sells the products in small quantities to customers. A retailer products essentially keeps a variety of goods in stock. A retailer's goal is to maximise customer satisfaction by going above and beyond their expectations and providing exceptional services.
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if a business shares fees with another business and pays part of a primary fee to the other business, is that revenue?
Revenue unless a business splits fees with the other business & pays the other firm a portion of a major fee.
How much money does a company make?The total amount of cash your business makes from operations in a year, excluding any deductions on returns, the price of the things you sold, and expenses Most small firms operate on a cash basis, in which case annual revenue is recorded in the year it is received.
Is revenue the same as sales?According to the definition, revenue is the overall sum of money obtained through conducting commercial activities like sales. Sales is another name for it on the income statement.
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what would be the impact of a decision by the federal reserve to raise the discount rate or raise the reserve requirement for banks? quozlet
The impact of a decision by the Federal Reserve to raise the discount rate or raise the reserve requirement for banks is likely to be contractionary, as it reduces the availability of credit and can slow down economic growth.
If the Federal Reserve were to raise the discount rate or the reserve requirement for banks, it would have the following impacts:
Increased borrowing costs: When the discount rate is raised, it becomes more expensive for banks to borrow money from the Federal Reserve, and this cost is usually passed on to customers. Higher borrowing costs can lead to a decrease in borrowing and investment by businesses and individuals, which can slow down economic activity.
Decreased money supply: When the reserve requirement is raised, banks are required to hold a larger percentage of their deposits in reserve, which means they have less money available to lend. This can lead to a decrease in the money supply, which can also slow down economic activity.
Increased interest rates: Both actions can lead to an increase in interest rates in the broader economy, as banks pass on their increased borrowing costs to customers, and lending becomes more scarce. Higher interest rates can impact consumer spending, borrowing, and investment, which can have a ripple effect on the broader economy.
Overall, the impact of a decision by the Federal Reserve to raise the discount rate or raise the reserve requirement for banks is likely to be contractionary, as it reduces the availability of credit and can slow down economic growth. However, it can also help to prevent inflation and maintain price stability in the long run.
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demand is elastic when a given change in price causes a relatively smaller change in quantity demanded. True/False
If a change in price results in an equivalent change in the quantity desired, then the demand is unit elastic.
When a change in price results in a less significant change in the quantity sought, which demand is present?When the amount desired changes little as a result of a price adjustment, this is referred to as an inelastic demand. The demand is elastic if the formula produces an absolute value that is greater than 1. Thus, changes in quantity occur more quickly than those in price.
Does a shift in an item's relative pricing explain the change in quantity demanded?Movement along a demand curve is used to depict changes in quantity demanded. The term "elasticity of demand" refers to the degree to which quantity sought shifts in response to a change in price.
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you are a researcher for a cosmetics company, and the company wants you to devise a product that makes eyelashes grow longer. how could this be achieved?
To develop a product that makes eyelashes grow longer, a cosmetics company could use prostaglandins or peptides, which can stimulate hair growth by extending the anagen phase of the hair cycle or activating growth factors. Other possible approaches include using plant extracts or vitamins that have been shown to promote hair growth or developing a product that conditions and nourishes the lashes to prevent breakage and promote healthy growth.
Write a note on product development.
Product development is the process of creating new or improved products or services that meet the needs of customers and the goals of the company. This process involves researching and identifying customer needs, designing and testing prototypes, and bringing the product to market. Effective product development can help companies stay competitive and increase profitability.
Hence, the answer is, to develop a product that makes eyelashes grow longer, a cosmetics company could use prostaglandins or peptides, which can stimulate hair growth by extending the anagen phase of the hair cycle or activating growth factors.
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in this week's guest video, jill silverboard shares a story of how the city of clearwater responded to the 2008 financial crisis by shifting the city's support functions to what organizational form?
An organizational is a business, institution, or group of people with a single, overarching objective (Commonwealth English; see spelling variations).
The term is derived from the Greek word organon, which is often used to describe a variety of equipment and instruments as well as an organ.There are many different types of legal entities, including corporations, governments, non-governmental organisations, political parties, international organizational , armed forces, nonprofit organisations, for-profit companies, partnerships, cooperatives, and educational institutions, to name a few.A hybrid organisation is one that concurrently generates commercial market activity in the public and private sectors while carrying out public duties.A voluntary association is a group that is run entirely by volunteers. Certain organisations may be allowed to exist without following formal legal rules depending on the jurisdiction.
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How can your money personality affect your ability to save?
Investors and savers may overlap in personality traits when it comes to managing household money.
What impact does your money personality have?
Money personalities influence how we behave when making financial decisions and how we spend, save, and invest. Successful people come in a variety of shapes and sizes, but one thing they all have in common is that they are aware of their own financial personalities.
Money personalities shape how we act when making financial decisions, as well as how we spend, save, and invest. Successful people come in all shapes and sizes, but they all have one thing in common: they are aware of their own financial personalities.
Therefore, Big spenders and shoppers often have similar habits, but big spenders tend not to worry about debt, and shoppers may spend more time hunting for bargains.
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cadence drives into domestic auto service and asks to have a tire replaced on her car. domestic replaces the tire. before cadence pays for it, any contract between them is
before cadence pays for it, any contract between them is - Executory
so the option B is correct.
An implied contract is a contract that is created based on the conduct of the parties, rather than being expressed in writing or verbally. In this case, Cadence's request for a tire replacement and Domestic's provision of the service implies an agreement between them that Cadence will pay for the service provided. This is because it is customary to pay for services rendered, and it is reasonable for Domestic to expect to be paid for the tire replacement.
Therefore, when Domestic replaces the tire, an implied contract is created, and Cadence is obligated to pay for the service. If Cadence refuses to pay, Domestic may have legal recourse to collect payment, as there is an implied agreement that payment will be made for the services rendered
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complete question:
Cadence drives into Domestic Auto Service and asks to have a tire replaced on her car. Domestic replaces the tire. Before Cadence pays for it, any contract between them is
executed.
executory.
void.
unenforceable.
prior to recording adjusting entries, the office supplies account had a $359 debit balance. a physical count of the supplies showed $105 of unused supplies available. the required adjusting entry is
There are many meanings associated with the term "debit balance" in relation to debit balance accounting, bank accounts, lending, and investment. This is a list of them.
When the left side of the account has a positive amount, the balance is said to be on the debit side. Accounts that often have a debit balance include assets, expenses, and losses. Some debit balanceof these accounts include cash, accounts receivable, prepaid expenses, fixed assets (asset) account, wages (expense), and loss on sale of assets (loss) account. Examples of contra accounts with typical debit balances are the contra obligation, contra equity, and contra revenue accounts. One of these accounts is represented by the treasury stock (counter equity) account.
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Whether carried out by an individual or a country, production beyond the production possibilities frontier A. is not physically possible. B. is possible only through trade. C. can occur by acquiring more productive resources, D. happens as a result of forced saving.
Option A. Production beyond the production possibilities frontier (PPF) is not physically possible.
The PPF represents the maximum possible output of two goods that an economy can produce using its available resources and technology. Any point inside the PPF is inefficient because resources are not being used to their full potential. Any point outside the PPF is not attainable given the current level of resources and technology.
Therefore, it is not possible to produce beyond the PPF by any means, whether carried out by an individual or a country. It cannot be achieved through trade, acquiring more productive resources, or forced saving. In order to increase production beyond the PPF, an economy must either acquire additional resources or develop new technology that allows for more efficient use of existing resources.
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in footnotes to the financial statements, companies disclose future commitments such as for leases and purchase commitments. how is this information useful to investors? this information is not useful to investors; it only helps potential future lenders to the company it allows investors to re-create a cash flow statement as if these amounts had been paid in the current period it helps them understand the amount of future operating expenses that are committed it allows investors to re-state the balance sheet in their financial models
Companies reveal future commitments through footnotes to the financial statements, which relate to additional information a firm includes about its finances while filing a financial statement.
In order to fully disclose information, it must be presented in a way that is pertinent to the readers of the financial statements. The notes (footnotes) to the financial accounts frequently do this.
When a firm files a financial statement, it may also include additional information about its financial situation in footnotes to the financial statements. The data and accounts in the financial statements of the company are explained in the footnotes, which are also known as supplemental notes.
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what are the three typologies in which henry mintzberg clustered managerial roles?multiple choice question.informational, inspirational, and controllinginformational, interpersonal, and decisionalinstitutional, informational, and personalfragmented, abbreviated, and varied
The correct answer is B. Henry Mintzberg, a prominent management theorist, identified ten managerial roles that he grouped into three typologies: informational, interpersonal, and decisional.
The informational roles include monitoring, disseminating, and spokesperson. Managers in these roles gather and analyze information from both internal and external sources, then communicate that information to others in the organization. The interpersonal roles include figurehead, leader, and liaison. Managers in these roles represent the organization, motivate and direct subordinates, and build relationships with external stakeholders. The decisional roles include entrepreneur, disturbance handler, resource allocator, and negotiator. Managers in these roles make strategic decisions, handle crises, allocate resources, and negotiate with other parties. Mintzberg's typologies provide a useful framework for understanding the complex and varied work that managers do on a daily basis. By identifying these different roles, managers can better understand the demands of their jobs and develop strategies to be more effective in their roles.
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inally, suppose the government were to give ryan a voucher for s packs of timbits instead of the lump-sum subsidy. (with the voucher, the first s packs cost him nothing.) under what conditions would ryan be strictly better-off with the lump-sum subsidy of $(3s) rather than the voucher?
Ryan would be better off with the lump-sum subsidy if he would have bought more than s/2 additional packs of timbits with the subsidy, compared to what he could buy with the voucher.
If the government were to give Ryan a voucher for s packs of timbits instead of the lump-sum subsidy, then the value of the voucher would be equal to the cost of s packs of timbits, denoted as V(s). When Ryan has the voucher, the first s packs cost him nothing, so he would buy s packs of timbits. However, if he wants to buy more than s packs of timbits, he would have to pay the full price for each additional pack.
Ryan would be strictly better off with the lump-sum subsidy of $(3s) rather than the voucher if he would have purchased more than s packs of timbits with the subsidy, but cannot purchase as many packs with the voucher due to the additional cost beyond the first s packs. Mathematically, if Ryan would have purchased k packs of timbits with the lump-sum subsidy, where k > s, then the subsidy would have provided him with a benefit of $(3k), while the voucher only provides him with a benefit of V(s) + $(3(s-k)). Hence, Ryan would be strictly better off with the subsidy if:
$(3k) > V(s) + $(3(s-k))
2k > s + V(s)/3
In other words, Ryan would be better off with the lump-sum subsidy if he would have bought more than s/2 additional packs of timbits with the subsidy, compared to what he could buy with the voucher.
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0.5 points printitem 20 at the beginning of the year, johnson supply has inventory of $5,200. during the year, the company purchases an additional $20,000 of inventory. an inventory count at the end of the year reveals remaining inventory of $3,000. what amount will bennett report for cost of goods sold?
Bennett reports the cost of goods sold as $22200. In times of economic process, LIFO (especially LIFO in a periodic system) produces an all-time low-ending inventory price.
The greatest beneficial thing about LIFO might be a benefit. Over the course of seasons of expansion, LIFO prompts a superior cost of items sold-out and a lower equilibrium of residual stock.
COGS= Opening Inventory+ Buys Shutting Stock
=$5200+ $20000-$3000
=$22200
Your inventory price may likewise increment assuming the accessibility of your item inside the market diminishes, while the request remains nearly consistent. Products region unit one model; on the off chance that you have estimated a stockroom loaded with intermittent and weather conditions ruins a periodic yield, the value of your stock can increment with the market esteem.
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strategy is a plan to use and develop core competences so that the organization can not only protect and enlarge its domain but can also expand into new domains. group of answer choices business-level environmental-level functional-level corporate-level
Business-level strategy is a plan to use and develop core competences so that the organization can not only protect and enlarge its domain but can also expand into new domains.
What does an organization's main purpose?In order to accomplish the purpose, a group of services, goods, and/or activities known as a core function must be performed. A core function can be comparable to a line of business in the private sector. Core functions integrate agency planning and performance initiatives with allocated monies in addition to explaining to Iowans what the state government does. Decision-makers and stakeholders will be able to see trends in budget allocations for core functions and changes in financing across agencies.
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block grants are designed to group of answer choices impose strict limits on how state governments can spend money from the federal government. fund capital improvements in schools. fund urban improvements on specific city blocks. give the states more control in how they spend federal funds.
Block grants are distributed but with fewer restrictions on how the funds are spent compared to other types of federal funding. This allows states to have more flexibility in designing and implementing programs that address their unique needs and priorities.
Block grants are federal funds distributed to state and local governments for specific policy areas such as health care, education, or social services. Block grants, unlike other types of federal funding, give states more leeway in how they spend the money. While there may be some general guidelines for how block grant funds can be used, states typically have more control over the design and implementation of block grant programmes. This enables states to tailor programmes to their specific needs and priorities, rather than having to adhere to a one-size-fits-all approach imposed by the federal government.
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milton corporation has 10 percent coupon bonds making annual payments with a ytm of 9.2 percent. the current yield on these bonds is 9.55 percent. how many years do these bonds have left until they mature?
The bonds have approximately 12 years left until they mature.
To solve this problem, we can use the formula for current yield, which is:
Current yield = Annual coupon payment / Current market price
We know that the current yield is 9.55%, and we can find the annual coupon payment by multiplying the face value of the bond (which is typically $1,000) by the coupon rate of 10%, so:
Annual coupon payment = 0.1 x $1,000 = $100
Let's assume the current market price of the bond is P, and let's use n to represent the number of years until the bond matures. We can set up the following equation using the yield to maturity (YTM) formula:
P = $100 / (1 + 0.092)^1 + $100 / (1 + 0.092)^2 + ... + $100 / (1 + 0.092)^n + $1,000 / (1 + 0.092)^n
Simplifying this equation, we get:
P = $100 x [1 - 1 / (1 + 0.092)^n] / 0.092 + $1,000 / (1 + 0.092)^n
Now we can use the current yield formula to find P:
9.55% = $100 / P
Solving for P, we get:
P = $100 / 0.0955 = $1,046.58
Substituting this value for P in the original equation, we can solve for n:
$1,046.58 = $100 x [1 - 1 / (1 + 0.092)^n] / 0.092 + $1,000 / (1 + 0.092)^n
This equation is difficult to solve algebraically, but we can use a trial-and-error method to approximate the value of n. Trying different values of n, we can find that the equation is satisfied when n is approximately 12.
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maxnutri inc. sells cookies and nutrition bars. the marketers at maxnutri are trying to come up with new and attractive packaging designs for its cookies. in this scenario, maxnutri is working on its . a. purchase strategy b. distribution strategy c. advertising strategy d. product strategy
The correct option is D. the marketers at maxnutri are trying to come up with new and attractive packaging designs for its cookies. in this scenario, maxnutri is working on its product strategy.
A market is any region in which or greater occasions can meet to interact in a monetary transaction—even the ones that do not involve legal gentleness. A market transaction might also moreover comprise goods, services, statistics, foreign money, or any aggregate of those that bypass from one birthday celebration to another.
In elegant, the function of a marketplace is to collect products from scattered resources and channel them to scattered stores. From the factor of view of the seller, dealers channel the call for their product; from the thing of view of the consumer, they bring elements within his obtain. A marketplace is an area wherein buyers and sellers can meet to facilitate the change or transaction of products and services. other examples encompass illegal markets, public sale markets, and economic markets.
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Click this link to view O*NET’s Work Contexts section for Lawyers. It describes the physical and social elements common to this work. Note that common contexts are listed toward the top, and less common contexts are listed toward the bottom. According to O*NET, what are some common work contexts for Lawyers? Check all that apply
According to O*NET, some common work contexts for Lawyers are
Provide clients with counsel and representation in legal proceedings and before public authorities.maintain open lines of communication with their clients, coworkers, judges, and other case participants.What are Lawyers?Lawyers are referred to as individuals who possess a career in law and have education and expertise in various domains of legislation and helps their client to deal with legal issues. They are also called Advocates.
In court and in private legal complications, they offer advice and help them escape. In order to design a case argument, they interact with their clients, coworkers, and other parties engaged in the case. They also conduct research on legal issues and analyze them.
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Answer:
importance of being exact or accurate
telephone
indoors, environmentally controlled
letters and memos
____is a key activity of operations managers that involves ensuring that the right amount of resources is available when needed
Planning is a key activity of operations managers that involves ensuring that the right amount of resources is available when needed.
Planning activity includes determining the necessary resources, such as labor, materials, and equipment, and scheduling their use in order to meet production goals and deadlines. Planning also involves forecasting demand and ensuring that the organization has the capacity to meet that demand. By carefully planning and managing resources, operations managers can help ensure that the organization operates efficiently and effectively.
Planning can help a manager to establish his team's direction, removes and anticipates risks, and improve efficiency. Planning might come in 4 types:
Operational planningContingency planningStrategic planningTactical planningOperational planning refers to planning of day-to-day activities. This kind of planning requires an extreme because detailed identification about what, who, when, where, and why of all parties involved in an operation process must be clearly stated.
Contingency planning is used for unexpected situations when changes cannot be foreseen. Contingency planning consists of "what if" scenarios. Contingency planning is important because it might be the savior of a company when unexpected situation occurs.
Strategic planning is a high-level planning with aim to achieve big goals in the long term. Strategic planning include setting the business' vision and mission, also establishing KPIs.
Tactical planning refers to task prioritization with aim to achieve short-term goals.
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as discussed in law of one price, we know that two same commodities must sell at same price. why is it? what would happen if two same commodities have different prices?
This is because if two identical commodities were selling at different prices, then there would be an opportunity for arbitrage.
According to the Law of One Price, in an efficient market, identical goods must have the same price. This is because if two identical commodities were selling at different prices, then there would be an opportunity for arbitrage, where individuals could buy the commodity at the lower price and sell it at the higher price, earning a profit in the process.
For example, if a can of soda is selling for $1 at one store and $1.50 at another store, individuals could buy the soda at the first store for $1 and sell it at the second store for $1.50, earning a profit of $0.50 per can. This process would continue until the prices of the soda cans at both stores were the same.
If two identical commodities have different prices, it would lead to arbitrage opportunities, and individuals would buy the commodity at the lower price and sell it at the higher price, eventually driving the prices of the commodity to be the same. This would lead to an efficient market where identical goods have the same price.
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why do resources have to be allocated in an economy?
Resources have to be allocated in an economy because resources are limited and can only be used to produce a finite amount of goods and services.
Why are resources allocated in an economy ?The allocation of resources involves deciding how much of each resource, such as labor, capital, and natural resources, should be used to produce different goods and services. These decisions are influenced by a variety of factors, including consumer demand, production costs, and government policies.
Overall, the allocation of resources is a critical aspect of any economy, as it determines how goods and services are produced and distributed and can have significant impacts on the well-being of individuals and society as a whole.
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