Answer:
Explanation:
Textra Plastics
All Amounts in $
1. Departmental Overhead Rate
Modelling Department
Overhead Costs 730000
Machine Hours worked 30500 MH
Overhead Rate/Machine Hour 23.93 per machine hour
Trimming Department
Overhead Costs 590000
Direct Labor Hours 48000 DLH
Overhead Rate/Machine Hour 12.29 per direct labor hour
2. Total Overhead Cost assigned to each product line
Part A27C Activity Departmental For Total Overhead
Driver OH Rate each Cost
Molding Machine Hours 23.93 Machine Hour 122065.57 = 5,100 MH X 23.93
Trimming Direct Labor Hours 12.29 Direct Labor Hour 8604.17 = 700 DLH X 12.29
Total Overheads 130669.74 For 9,800 units
Overhead per unit 13.33
Part X82B Activity Departmental For Total Overhead
Driver OH Rate each Cost
Molding Machine Hours 23.93 Machine Hour 24413.11 = 1,020 MH X 23.93
Trimming Direct Labor Hours 12.29 Direct Labor Hour 43020.83 = 3,500 DLH X 12.29
Total Overheads 67433.95 For 54,500 units
Overhead per unit
Answer:
1-Departmental Overhead Rate Molding $ 221.38 per machine hour
Trimming Department $ 12.75 per DLH
2- Total overhead cost $140 8395.6
3- Overhead cost per unit.
$ 112.36 per unit of N Part 270
$ 4.96 per unit of Part XB2B
Explanation:
Direct Labor hours Machine hours Overhead costs
Molding 52,000 DLH 30,500 MH 6752,000
Trimming 48,000 DLH 3 , 600 MH $612,000
Total 100,000 DLH 34,100 MH $7364,000
N Part 270 Part XB2B
Units 9,300 54,500
Machine Hours
Molding 5,100 1.020
Trimming 2,600 650
Direct Labor Hours
Molding 5,500 2150
Trimming 700 3,500
We divide the Costs with the cost drivers to get the rates.
1-Departmental Overhead Rate
1) Molding Department = Overhead Costs/ Machine Hours
= 6752,000/ 30,500= $ 221.377= $ 221.38 per machine hour
2) Trimming Department= Overhead Costs/ Direct Labor Hours
=$612,000 /48,000 DLH = $ 12.75 per DLH
Now we multiply the cost drivers with the rates to get the overheads costs.
2- Total overhead cost= $ 1137963 + $ 270432.6= $140 8395.6
N Part 270 =$ 1129038 + $ 8925= $ 1137963
Molding = $ 221.38 *5,100 = $ 1129038
Trimming= $ 12.75 *700= $ 8925
Part XB2B= $ 225807.6 + $ 44625= $ 270432.6
Molding= $ 221.38 *1020 = $ 225807.6
Trimming= $ 12.75 *3500= $ 44625
We divide the overhead cost for each product with the number of units to get the unit costs.
3- Total Overhead Rate N Part 270 = Total Overhead Cost/ Units Produced
=$ 1137963 / 9300 = $ 112.36 per unit of N Part 270
Total Overhead Rate Part XB2B = Total Overhead Cost/ Units Produced
=$ 270432.6/54,500= $ 4.96 per unit of Part XB2B
In what ways would managing temporary workers be easier than managing traditional permanent employees? In what ways would it be more difficult? What differences would likely exist in your own behavior if you were in a contingent or temporary job versus a traditional permanent job?
Managing temporary workers can be easier in some ways as they do not require a long-term commitment from the employer, and they are often hired for specific projects or periods of time. This can make it easier to adjust the workforce according to the company's changing needs. Additionally, the company may not be responsible for providing benefits such as health insurance or paid time off, which can save on costs.
However, managing temporary workers can also be more difficult in some ways. For example, temporary workers may require more training and supervision since they are not as familiar with the company's policies and procedures. Additionally, they may not be as invested in the company's success since they are not permanent employees, which could result in lower productivity and motivation.
If I were in a contingent or temporary job versus a traditional permanent job, I would likely behave differently. In a temporary job, I may feel less invested in the company and more focused on completing my assigned tasks, since there is no long-term commitment. In a permanent job, however, I would likely feel more invested in the company's success and would be more willing to take on additional responsibilities or go the extra mile to help the company achieve its goals.
Economics
Consumer Priced Index (CPI) - Expresses the current price of a basket of goods or services in terms of the prices during the same period in a previous year.
Gross Domestic Product (GDP) - Monetary value of all the finished goods and services produced within a countries borders in a specific time period.
Macroeconomics - The study of large scale economic factors such as overall workings of a national economy and its relationship to international markets.
Microeconomics - The study and analyses of individual consumers and firms to understand the decision-making process of households and firms.
Choice - A consumer's decision to purchase one good or service over an alternative.
Scarcity - When demand is higher than availability.
Answer the following questions based on the above economic definitions:
What does CPI compare?
A) Money to People
C) Dollars to Euros
B) Purchasing power at different times
D) Wal-Mart to Target
What is the basic relationship between scarcity and choice?
A) Planned Economy
B) Free Enterprise
C) Strategic Industry
D) Absolute Advantage
What would help you decide if the price of a soda has increased or decreased?
A) Choice
B) GDP
C) Scarcity
D) CPI
What your family buys and sells is considered
A) Macroeconomics
B) Microeconomics
Pls help I can’t answer this last 4 questions.
Answer:
Here are the answers to the remaining questions:
What does CPI compare?
Answer: B) Purchasing power at different times
What is the basic relationship between scarcity and choice?
Answer: D) Absolute Advantage
What would help you decide if the price of a soda has increased or decreased?
Answer: D) CPI
What your family buys and sells is considered
Answer: B) Microeconomics
I hope this helps! If you have any more questions, feel free to ask.
1. Deirdre has one hour this afternoon in which she can either practice the piano for the upcoming school concert, work at
the library for $7 per hour, or babysit her neighbor's son for $10 per hour. Deirdre chooses to practice the piano, but
if she hadn't chosen to practice the piano, she would have chosen to babysit over working at the library. What is the
opportunity cost of Deirdre's decisions
A. The value gained from practicing the piano for an hour.
B. The value of babysitting her neighbor's son for an hour.
C. The value of working at the library for an hour.
D. The value of babysitting her neighbor's son and working at the library for an hour.
Answer:
The correct answer is B) The value of taking care of her neighbours son for 60 minutes.
Explanation:
Opportunity Cost belongs more in the parlance of microeconomics and is used to describe the idea that one cannot have everything all the time. There are alternative ends competing for limited means. In order words, when we decide to take a course of action, in the hope of achieving a thing or getting a reward, there is always another benefit forgone.
So knowing that there is an opportunity that was foregone helps the microeconomist to think carefully about what they want to achieve using the limited resources at their disposal.
Further simplified, if I have $5 dollars to spend, and that amount can purchase either a cupcake or a cup of ice cream, the one I chose to buy becomes the opportunity taken, whilst the alternative forgone is the opportunity cost.
Therefore, the cost of an item is not just the amount of money for which it was purchased, but all other alternatives with which the same amount could have been purchased.
In the question above, Deidre would have chosen to babysit her neighbor's son. That to her is the next best use of her time, and therefore the opportunity cost. According to the question, she wouldn't have worked in the library even if she had nothing else to do. Hence, that does not pass as opportunity cost.
Opportunity cost must be an alternative choice and is very subjective.
Cheers!
what are 2 branches of classical viewpoint of management
Answer:
As a result, the classical management theory developed from efforts to find the “one best way” to perform and manage tasks. This school of thought is made up of two branches: classical scientific and classical administrative, described in the following sections.
explain all the dimensions of Management functions in Human Resource management
Answer:down
Explanation:The four dimensions of human resource management practices are: Managing The Human Resource Environment, Acquisition and Preparation of Human Resources, Assessment and Development of Human Resources, and Compensation of Human Resources as stated by Noe et al (2010).
Answer: HR managers carry out a variety of tasks to ensure a business runs smoothly. The various dimensions of management functions in Human Resource management are as follows:
Explanation:
a. Planning
Planning for various things, from the hiring process to training and development programs, is the most crucial duty of an HR manager. Planning lays the foundation for other HR management responsibilities, such as determining job qualifications and the organization's need for recruitment.
b. Organizing
An HR manager is responsible for performing this role after the planning phase (discussed above) is finished. To meet the requirements and wants of the workforce while achieving business goals, they must create strategies and programs.
c. Directing
To carry out the goals and plans they have developed, HR managers need personnel. As a result, they lead their teams in a way that carries out the manager's goals and strategies. They assign tasks to the team members and keep tabs on their performance to assess their progress.
d. Controlling
One of the most significant managerial duties and obligations of an HR manager is this. In doing so, the HR manager monitors deviations, corrects them, and compares the results to the objectives. This entails tasks like audits and appraisals.
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You are the manager of the Production Department of the XYZ Company. In the
past three months the productivity of the employees has been decreased, and the
upcoming season will require increased production of goods. Write a memo to the
Manger of Human Resources recommending a bonus plan to encourage employees,
and suggest other ways of increasing productivity.
-
* Use the correct format for writing a memo.
*Write an introduction, discussion & concluding paragraphs.
Answer:
in the carrent official website the carrent official site ok answer the question about a half hour class amecim inde
Memo to Manager of human resources
Date: November 20 December 2022
The Manager of Human Resources
From: Joke , Manager of the Production Department
Subject: Bonus plan for employees!
When I saw the productivity over the last three months, the Narrow production of labour decreased the production of our goods. If this repeats the next month, we will not be able to meet the demand for our products. We need to increase supply in the upcoming season and try to boost our employee's esteem to work hard.
To encourage them I suggest you provide the employees with a bonus, which can encourage them to work hard and produce more.
Also, we can provide them with some health Benefits which would help their families and increase their trust in us and be more Productive at the end of the day.
Thank You,
Joke
729-672-3990.
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2. What are the ways of forecasting cost of sales?
a. cost of materials
b. cost of labor
c. cost of overhead
d. all of the choices
Answer:
d. all of the choices
Explanation:
Cost of Goods sold = Cost of material purchased + Conversion cost
And
Conversion cost hereby includes Direct labor cost and other production overheads directly attributable to the Goods sold.
So, The correct option is - d. all of the choices
Please Help ASAP!
2. Identify at least three factors that may influence Eric's decision, including Eric's savings and any ways he could reduce the total cost of the loan.
The three factors that influence Eric's decisions are the lowest rate of return along with the shorter duration of time.
What is Loan?A Loan is referred to as the amount which an individual borrows from a financial institution at a certain rate of interest to start any business or to fulfill their needs.
When Applying for any loan it is important to conduct research about the rate of return which helps in saving a large rate of income for an individual.
While making a decision for a loan, it should be determined which financial institution provides maximum facility on any Loan in order to repay it timely and reduce the burden on an individual.
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Interests banks pay to borrower from other banks
Answer: interbank lending market
Explanation:
Consider the organization you are currently working in and explain this organization from systems characteristics perspectives particularly consider objective, components (at least three) and interrelationships among these components with specific examples
Explanation:
I don't have direct knowledge of the organization you are currently working in. However, I can provide a general example to help illustrate the systems characteristics of an organization. Let's consider a fictional manufacturing company called "ABC Manufacturing."
Objective:
The objective of ABC Manufacturing is to efficiently produce and deliver high-quality products to its customers while maximizing profitability. The organization aims to maintain a competitive edge in the market by consistently meeting customer demands and optimizing its operations.
Components:
1. Human Resources: The employees of ABC Manufacturing form a crucial component. They include production workers, managers, engineers, and support staff. Each employee contributes their skills and expertise to ensure smooth operations. For example, production workers assemble products, engineers design new prototypes, and managers oversee the overall functioning of the organization.
2. Production Facilities: The physical infrastructure, including factories, warehouses, and equipment, is another vital component. These facilities house the production lines, machinery, and storage areas necessary for manufacturing products. The efficient functioning of the production facilities is essential to meet production targets and ensure the timely delivery of goods.
3. Supply Chain and Logistics: The supply chain component involves managing the flow of materials, resources, and finished products. This includes sourcing raw materials, coordinating with suppliers, inventory management, and distribution logistics. Effective supply chain management ensures that the right materials are available at the right time, minimizing delays and reducing costs.
Interrelationships among Components:
The components of ABC Manufacturing are interrelated and interconnected, forming a system that works together to achieve the organization's objectives. Here are a few examples of interrelationships among these components:
1. Human Resources and Production Facilities: The production facilities rely on the skills and efforts of the employees. Human resources ensure that the right talent is hired, trained, and deployed in the production process. They also provide support and maintenance services to ensure the smooth functioning of the production facilities.
2. Production Facilities and Supply Chain: The production facilities rely on the timely availability of raw materials from the supply chain. Efficient coordination between production and supply chain teams is necessary to maintain optimal inventory levels and avoid production delays.
3. Supply Chain and Human Resources: The supply chain team collaborates with human resources to forecast demand, plan workforce requirements, and align production schedules accordingly. Effective communication and coordination between these components ensure that the production process meets customer demand and avoids excessive inventory or stockouts.
By viewing ABC Manufacturing through a systems perspective, we recognize that the organization is a complex interplay of various components working together to achieve a common objective. Understanding the interrelationships and dependencies among these components helps in identifying areas for improvement and optimizing the overall performance of the organization.
Answer:Dashen Bank s.c is a company where I am working in it. The company’s objective is to maximize its profit and become from the lists in best class banks in Africa. To achieve this objective it has its own system which contains the following components
• A banking software called FLEXCUBE which is the core software which accomplishes the majority of the banking day to day activities e.g. cash withdrawal, cash deposit, account opening general leger account postings etc.
• CATPS(card application tracking and processing system) is a component of a system which is used to capture ATM card applications and authorize the processed/ captured applications in order to produce the cards
• Amole admin/internet banking application is used to create an access to the customers such that user name and passwords and and link bank accounts so customers can transfer money, make payments at home.
The above listed components have interrelation each other. E.g. in order to produce cards using CATPS, the customer must have a bank account with precise customer data such that signature, photo etc. so these stated things i.e. account opening, signature and photo uploading activities are processed by FLEXCUBE software. In the same manner, in order to get an access to the bank account using amole/ internet banking, the customer must have properly opened bank account with customer signature and photo which is also processed by using FLEXCUBE software.
what is the purpose of IDP
The basic purpose of IDP is to assist the employees in their career and personal development.
What do you mean by purpose?The purpose means the reason for which something can be done or created.
The basic purpose of IDP is to help employees for reaching short and long-term career goals as well as to improve their current job performance.
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nm bn nb nbg ghcgfhjhibhjbhj
Umm Chile... anyway so
All terms of contracts, even "fine-print" terms of standard form contracts, are part of the parties' deal and binding on them, because parties have an obligation to read their contracts and are assumed to have done so.
T/F
The statement is generally true. When parties enter into a contract, they are presumed to have read and understood the terms of the contract, including any fine print or standard form language. This is known as the principle of "caveat emptor," which means "let the buyer beware."
Courts generally assume that the parties to a contract have entered into the agreement voluntarily and with a full understanding of its terms. As such, parties are typically bound by all of the terms of the contract, even if they did not fully read or understand them. However, there are some exceptions to this principle. For example, if one party engages in fraud or misrepresentation, or if the contract terms are unconscionable or illegal, a court may refuse to enforce the contract or certain provisions of it. Nonetheless, parties should take care to read and understand the terms of any contract before signing it to avoid any misunderstandings or legal issues down the line.
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Which trade measurement includes services, foreign investments, loans and foreign aid, financial capital, and financial transfers?
Trade Deficit
Balance of Payments
Trade Barriers
Balance of Trade Surpluses
The trade measurement that includes services, foreign investments, loans and foreign aid, financial capital, and financial transfers are "Balance of Payments.'
It is sometimes referred to as the balance of international payments.
Balance of Payments is a summation of all transactions activities conducted by a country both inside and outside the country.
This includes business activities such as individuals, companies, and government bodies inside a particular country and those of that country's citizens in the foreign land.
Hence, in this case, it is concluded that the correct answer is option B. "Balance of Payment."
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A job analysis report transforms the analysis into three components: an
analysis, a summary, and
?
Work activities, worker attributes, and work context are the three main categories of data used in job analysis.
What is Job analysis?Work analysis is the process of gathering all the essential details about a certain job, including the tasks involved, the knowledge and skills needed to accomplish the job, and the responsibilities and skills necessary for the job to be performed successfully.
One of the most crucial tasks carried out by a human resource manager is job analysis. By defining the relevance, definition, and technique of "job analysis" with an emphasis on the job description & job specification, which are seen as the process's output, this article will help readers understand the concept.
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How is emotional intelligence related to motivation?
Answer:
Emotional intelligence means being self-motivated
Self-motivation relates to internal drive. Emotionally intelligent individuals understand the deeper meaning of their goals and the self-motivation skills required to achieve them.
Answer:
The results show that emotional intelligence is positively related to positive emotions and negatively related to negative emotions. Positive emotions positively predict both self-motivation towards physical education classes and resilience. Resilience positively predicts self-motivation.
If an advertiser wants to enhance the sales of a specific good or service, institutional advertising should be used. Select one: True O False
Answer: True.
Explanation:
__________ are inputs used by organizations. Group of answer choices Raw materials Trademarks Incentives Contingencies Esprit de corps
Raw materials are inputs used by organizations
What are raw materials?They are some of the inputs used to produce an output or products in an organization.
They are products are required by company ] to generate a profit by selling.
Therefore, Raw materials are inputs used by organizations
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A requested tasA requested task is subject to be reported when:
Requesting for a screenshot
When it is asking for 3 proofs
When it requests for email address to be submitted
When it requires payment from the Workers in order to proceed with the taskk is subject to be reported when:
A requested task is subject to be reported when it requires payment from the Workers in order to proceed with the task. The appropriate response is option D.
What is a task?A task is an action that must be finished by a specific date or time in order to advance professional objectives. It is a minor but crucial task that helps to distinguish between different project components.
Work that needs to be done is referred to as a task, duty, job, chore, stint, or assignment. Task connotes work that is required by an employer, a higher authority figure, or other external factors. assigned a variety of duties. Duty denotes responsibility for performance or an obligation to perform.
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A snowshoe hare with the trait of unusually strong legs is able to run faster than other snowshoe hares in the population. This trait may cause changes in future generations of snowshoe hares because the fast snowshoe hare will
The snowshoe hare cycle is almost fully understood at this point. Predation and food availability cooperate to produce the 10-year cycle .
What was snowshoe hares physical charactestics ?Although clearly, predation is the more important component. Food has a significant and primarily indirect wintertime impact.
Up to four litters can be born by a mother hare per year. After a year, the hares are mature. Few hares live to be this old. However, some hares have a five-year lifespan in the wild.
Hares are slightly bigger than rabbits, and they often have longer ears and taller hind legs.
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SUPPORT NUMBER -1-833.983-2639 | HELP ☎
Explanation:
what help??
what help ??
Daniel has saved $2,000 in a savings account that earns 0.5% interest annuallyWhat will most likely happen to the purchasing power of his savings over time?
PLEASE HELP!!
Based on the explanation below, the most likely thing to happen to the purchasing power of his savings over time is to fall.
What is purchasing power?Purchasing power can be described as the amount of goods and services that a unit of currency or an amount of money can purchase.
The relationship between interest rate and inflation rate affects the purchasing power of a saving account.
When the interest rate is higher than the inflation rate, purchasing power increases.
But when the interest rate is lower than the inflation rate, purchasing power falls.
For example, for the 12 months ending April 2022, the annual inflation rate in the United States was 8.3%.
Since the 0.5% annual interest rate being earned by Daniel is lower than the 8.3% annual inflation rate, the most likely thing to happen to the purchasing power of his savings over time is to fall.
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A borrower questions the amount of the "Notary/Signing Fee" appearing on the settlement statement.
A borrower questions the amount of the "Notary/Signing Fee" appearing on the settlement statement. The Notary Signing Agent should: Recommend that the borrower contact the lender's representative before signing the documents.
What is a Notary Signing fee?A notary signing fee is a fee paid to a notary public for their services in overseeing the signing of important documents.
Notary publics are required to be impartial witnesses to the signings of important legal documents. Their services are often necessary in real estate transactions, loan closings, and other legal matters.
Therefore, The Notary Signing Agent should recommend that the borrower contact the lender's representative before signing the documents if gotten questions on the amount on the notary documents.
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The complete question goes thus:
A borrower questions the amount of the "Notary/Signing Fee" appearing on the settlement statement. The Notary Signing Agent should:
An entrepreneur who needs large amounts of capital to create and distribute a new invention would most likely visit
a. a community banker.
b. an investment banker.
c. a commercial banker.
d. an executive banker.
Answer:
The answer is B. Investment banker.
Explanation:
An entrepreneur who needs large amounts of capital to create and distribute a new invention would most likely visit
: b. an investment banker.
Who is an investment banker?An investment banker is a person or company which help in the following:
Provide financial services They act as financial advisoryHelp to raise capital etcAn entrepreneur or corporation who is in need of capital can reach out or visit an Investment banker reason being they help to raise capital for those who does not have money to start up their own business.
Inconclusion an entrepreneur who needs large amounts of capital to create and distribute a new invention would most likely visit
: b. an investment banker.
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Do you think teams are a valuable new management technique that will endure, or are they just a fad that will be replaced with something else in the near future?
Teams are a valuable management technique that is likely to endure, but their implementation may change as the needs of organizations and the workforce evolve.
Are teams valuable management techniques that will endure?Teams have been a valuable management technique for decades, and their popularity has only increased over time. Teams can bring together individuals with different skills and perspectives, enabling them to work collaboratively to achieve a common goal. Additionally, teams can foster innovation and creativity, as well as promote a sense of ownership and accountability among team members.
There is no reason to believe that teams will become less important in the future. In fact, with the rise of remote work and the need for organizations to be more agile and adaptable, teams are likely to become even more prevalent. However, it is possible that the way teams are managed and organized may evolve over time, as new technologies and management theories emerge.
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In Chapters 1 and 2 you have been learning about the accounting equation, debits/credits, and account normal balances. The accounting equation is the foundation of accounting. Understanding debits/credits and the account normal balances are just as important. Sometimes, these concepts are difficult to understand and/or remember. Please research the Internet to find fun and easy ways to remember this information. It could be a song, a mnemonic, phrase, video, etc. I need the answer and cititation for the answer
The best phrase to remember in the accounting equation is to debit all assets, expenses, and losses, and to credit all liabilities, equity, gains, and incomes.
What is the accounting equation?The accounting equation shows that assets are equal to liabilities and equity, given each business transaction.
The implication of the above definition is that when a transaction occurs, which may give rise to expenses, losses, gains, and incomes, the assets and liabilities and equity equation remains in balance.
For instance, when a company incurs an expense for cash, the assets (cash) side is reduced by the amount. Similarly, the equity side is also reduced by the same amount.
Thus, the best phrase to remember in the accounting equation is to debit all assets, expenses, and losses, and to credit all liabilities, equity, gains, and incomes.
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John only had $40 to spend and couldn't decide whether
to buy a new pair of jeans or to go to an amusement park.
He finally decided to spend his money on the amusement
park. What was the opportunity cost of his decision?
No opportunity cost was involved.
O $40
Trip to amusement park
New pair of jeans
Answer:
The opportunity cost of John's decision is the benefit that he could have derived from the:
New pair of jeans,
which he did not choose to buy.
Explanation:
In this scenario, John is faced with two alternative decisions. By choosing to spend his limited financial resource, $40, on the amusement park, the forgone benefit that would have been derived by choosing a new pair of jeans is lost by the cost of visiting the amusement park. The concept of opportunity cost helps in clarifying economic decisions among alternative courses of action, enabling the decision-maker to reach a favorable decision.
How do these three rules apply to your life? Explain them in your words and try to think about how they relate to your financial situation. (Hint: Think about how you earn money and how you spend money, also imagine that you have been offered a credit card with a starting line of credit at $1000)
Rule 1 - Don't have debt rise faster than income, because the debt burden will eventually crush you
Rule 2 - Don't have income rise faster than productivity, because you will eventually become uncompetitive
Rule 3 - Do all that you can to raise your productivity, because in the long run that's what matters most
The three rules below will help individuals achieve financial stability and security, which is critical for living a happy and stress-free life. They can learn new skills, enroll in courses, read books, and so on to increase their productivity levels.
Rule 1: Don't have debt rise faster than income, because the debt burden will eventually crush you.To avoid falling into a debt trap, one should prioritize their spending. It's always a good idea to live within one's means and avoid spending more than they earn.Rule 2: Don't have income rise faster than productivity, because you will eventually become uncompetitive.It's a good idea to focus on increasing productivity to achieve long-term financial stability. One must avoid situations where they are not productive but are earning more money, as this can make them uncompetitive in the long run.Rule 3: Do all that you can to raise your productivity, because in the long run that's what matters most.Productivity is the most critical factor in achieving financial stability. Increasing productivity can lead to higher earnings, which can help you reach your financial goals faster.Individuals must always make efforts to improve their productivity. It's always a good idea to live within one's means, avoid unnecessary debt, increase productivity, and invest in oneself. In conclusion, the above three rules can be beneficial to anyone looking to achieve financial stability.
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Talent management is part of human capital investment. Does government spending on human capital development accelerate economic growth? Discuss your answer with an example of a country.
Answer:
Yes, Spending on human capital development accelerates economic growth.
Explanation:
Yes, the investment or spending by the government on human capital development pushes economic growth because human capital is an important resource for the economy. A good human capital results in better economic growth and vice versa. If the government increases its spending on human capital this means that it is generating skilled people in the economy. This skilled people will contribute to the economic growth in future. For example, Singapore has the highest human capital index as per the data of 2018. Here, the highest human capital index shows that the government has focused on spending on human capital development.
If the price increases and nothing else changes, would consumers end up spending more money on the good?
a) Yes, always
b) Yes, if demand is elastic
c) Yes, if demand is inelastic
d) Yes, if demand is unit-elastic
If the price increases and nothing else changes, consumers end up spending more money on the good if the demand for the good is inelastic (third option).
What is price elasticity of demand?The price elasticity of demand measures how the quantity demanded of a good changes when the price of the good changes.
When demand is inelastic, it means that when the price of a good changes, the quantity demanded changes little. So, when price increases, consumers would spend more on the good. Goods that have an inelastic demand are usually necessities. he coefficient of elasticity is less than one
When demand is elastic, it means that when price changes, the quantity demanded changes more than the price of the good. So, when price increases, consumers would spend less than on the good. The coefficient of elasticity is greater than 1.
When demand is unit-elastic, it means that the change in price leads to an equal change in the quantity demanded. This means that a 1% change in the price leads to a 1% change in the quantity demanded. he coefficient of elasticity is equal to one.
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