In order to cover workmen' compensation claims, states typically compel employers to buy workers' liability insurance either private insurance firms or public funds.
What does the term "private" mean?adjective. When you call someone "private," you're referring to the fact that they are typically quite reserved and don't share their innermost feelings with others. Gould was a very secretive person. Synonyms include withdrawn, retiring, and solitary. Additional Synonyms for private
What in a relationship is private?When you're in a relationship, you don't have to be concerned about what others believe of your connection. You're also not trying to impress or make other people envious of your love life. The idea behind a private relationship is to keep your partnership's most personal information private.
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Kegler Bowling buys scorekeeping equipment with an invoice cost of $165,000. The electrical work required for the installation costs $17,000. Additional costs are $3,400 for delivery and $11,865 for sales tax. During the installation, the equipment was damaged and the cost of repair was $1,600. What is the total recorded cost of the scorekeeping equipment?
The scorekeeping equipment amounted to $198,865 recorded as a cost of equipment.
What is an Equipment?The collection of items or physical resources needed to outfit a person or object, such as the tools utilized during a task or operation of sporting goods equipment, all of a corporate enterprise's fixed assets, except land and buildings.
The calculation for the Total recorded Cost
Invoice cost + Installation cost + Additional Cost + Delivey charges + cost of Repair
= 165,000 + 17,000 + 3,400 + 11,865 + 1,600= $198,865
The Total recorded cost is $198,865.
Thus, the total recorded cost consists of all the costs of equipment including the purchase price, applicable sales taxes, shipping charges, and any additional expenses for preparing the item for use.
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____________________ will not cause a shift of the AS curve in a Keynesian framework.
Answer:
C. Changes in output prices
Explanation:
Keynesian economics is a theory that deals in macroeconomics and its impact on the output, employment, inflation, etc, In this it give rise to the government expenditure and less taxes in order to stimulate the demand and pull out the global economy
If there is any changes with respect to the output prices so the shift of the AS curve would not be resulted
So the option c is correct
Mrs. Slayman slays all day. She slays 17 times a second. Approximately how much Slaying does Mrs. Slayman do in a day?
Mrs. Slayman slays approximately 1,468,800 times in a day.
How to calculate much Slaying does Mrs. Slayman do in a dayIf Mrs. Slayman slays 17 times every second, then in one minute (60 seconds), she slays:
17 times/second * 60 seconds = 1020 times/minute
In one hour (60 minutes), she slays:
1020 times/minute * 60 minutes = 61,200 times/hour
And in one day (24 hours), she slays:
61,200 times/hour * 24 hours = 1,468,800 times/day
Therefore, Mrs. Slayman slays approximately 1,468,800 times in a day.
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Concord Corporation sells merchandise on account for $6300 to Windsor, Inc. with credit terms of 2/10, n/30. Windsor, Inc. returns $1500 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check?
$6174
$4800
$4704
$6204
Answer:
$4704
Explanation:
The term 2/10, n/30 means that the buyer will get a 2% discount on the invoice amount if they make full payment with the first 10 days from the invoice date. If not, the full invoice amount is due in 30 days.
The buyer bought goods worth $6300 but made returns of $1500. the net purchases were
=$6300 - $ 1500
=$4,800
If the payment is made within the discount period(10 days), the check amount will be less 2% discount.
i.e. the payment will be 98% of net purchases
=98/100 x $4800
=0.98 x $4800
=$4,704
Question 7 of 10
Business health insurance plans are
A. required
B. varied
C. non-existent
D. uniform
so
West Side Corporation is expected to pay the following dividends over the next four years: $16, $12, $11, and $7.50. Afterward, the company pledges to maintain a constant 6 percent growth rate in dividends forever. If the required return on the stock is 16 percent, what is the current share price?
a. $63.27.
b. $61.40.
c. $68.82.
d. $65.17.
e. $60.11.
Answer:
$77.81
Explanation:
We are given that West Side Corporation is expected to pay the following dividends over the next four years: $16, $12, $11, and $7.50.
Required rate - 16%
Growth rate = 6%
We are supposed to find the current share price
Formula :\(P_0=\sum_{t=0}^{T}\frac{D_T}{(1+r)^t}+\frac{D_{T+1}}{r-G}(1+r)^{-T}\)
D = Dividends
t = time
r = required rate
G= Growth rate
Substitute the values in formula :
\(P_0=\frac{16}{(1+0.16)^1}+\frac{12}{(1+0.16)^2}+\frac{11}{(1+0.16)^3}+\frac{7.50}{(1+0.16)^4}+\frac{7.50(1+0.06)}{0.16-0.06}(1+0.16)^{-4}\\P_0=77.81\\\)
it is the process of enabling people to increase control and to improve their health.
Answer:
Health Promotion
Explanation:
Health promotion is the process of enabling people to increase control over, and to improve, their health. This is accomplished by building healthy public policies, creating supportive environments, and strengthening community action and personal skills. ...
Hope this helps!
Blockbuster was a heavy hitter in the video rental business for years, but as technology changed and customers tired of paying late fees, other competition arrived. Netflix structured its offering to customers with no late fees, convenient movie delivery and return, and helped drive Blockbuster out of business. A company can be a failure if it doesn’t put which marketing guideline as its main focus?
Answer:
The answer is "Technical excellence"
Explanation:
In this question, it feels that the company will lose the customer because it couldn't predict or eradicate losing its consumer so, this problem often jeopardizes its consumer's safety, performance, and expenditure.
In this scenario, Groundbreaking sacrificed the consumers as its emerging challenges on the marketplace like Netflix can not be predicted.
Income Statement Project
2018 2019 2020
Revenue:
Book Sales
Ticket Sales
Total Revenue:
Expenses:
Salary
Depreciation
Supplies
Rent Insurance
Total Expense:
Net Income/Loss:
Directions: Build an income statement using the steps provided below.
1) The book store received $50,000 in book sales for 2018, with a 20% increase in revenue each year.
2) Jack's book store received $15,000 each year in ticket sales to book signing events.
3) Find the Total Revenue each year for 2018-2020 using cell referencing.
4) Jack's book store paid $16,000 in employee salaries in 2018. Each year his employee salary cost increased by 25%.
*5) Jack purchased store furniture for $25,000 that is expected to be used over the next 5 years.
6) Jack bought $3,000 in supplies in 2018 and supplies costing $1,000 were used up each year.
'7) Jack signed a contract to pay $800/month for rent between 2018-2020.
8) Jack's book store pays $500 each month to cover insurance.
9) Find the Total Expense each year for 2018-2020 using the SUM function.
10) Find the Net Income/Loss using cell referencing.
Answer:
Jack's Bookstore
Income Statement Projection:
2018 2019 2020
Revenue:
Book Sales $50,000 $60,000 $72,000
Ticket Sales 15,000 15,000 15,000
Total Revenue: $65,000 $75,000 $87,000
Expenses:
Salary $16,000 $20,000 $25,000
Depreciation 5,000 5,000 5,000
Supplies 1,000 1,000 1,000
Rent 9,600 9,600 9,600
Insurance 6,000 6,000 6,000
Total Expense: $37,600 $41,600 $46,600
Net Income/Loss: $27,400 $33,400 $40,400
Explanation:
a) Data and Calculations:
Book Sales for 2019 = $60,000 ($50,000 * 1.20)
Book Sales for 2020 = $72,000 ($60,000 * 1.20)
Salaries for 2019 = $20,000 ($16,000 * 1.25)
Salaries for 2020 = $25,000 ($20,000 * 1.25)
Depreciation expense per year = $5,000 ($25,000/5) using the straight-line method
Supplies Expense per year = $1,000 ($3,000/3)
Rent Expense per year = $9,600 ($800 * 12)
Insurance Expense per year = $6,000 ($500 * 12)
You are a certified fraud examiner, and a local community group, the Silver Years Senior Squad, has requested that you give a presentation about consumer fraud. They want to hear about examples of recent scams that have happened to people and how they can avoid being scammed. What advice you would give to the Silver Years Senior Squad to help them avoid becoming a victim of a telemarketing fraudster?
Answer:
The answer is below
Explanation:
To avoid becoming a victim of a telemarketing fraudster, here some of the necessary things you should not and eventually do:
1. Usually telemarketing fraudsters require the victim involvement or participation, always say NO when you suspect a fraud
2. Old people are more vulnerable to telemarketing fraud, hence, the elderly ones need to be more careful and watch over if necessary.
3. To guide against telemarketing fraud effectively it is to carry out fast and direct reporting of any telemarketing calls suspected to be fraudulent to the Federal Trade Commission
4. Be alert and understand that fraudsters are very manipulative and focus on greed, fear, excitement, and gullibility.
5. Give them none of your information, including those you think is not sensitive or vital, you might never know how ell they could use that information
Question 6 of 10
A risk response plan lists your risks, including identified risk causes, description, and
Select an answer:
potential impacts
why the risk can't be avoided
your sponsor's assignee to handle risk
issue register
A risk response plan lists your risks, including identified risk causes, descriptions, and Option A. potential impacts.
The Risk Response Planning is a process that recognizes potential risks, assesses them, and establishes management plans to reduce or prevent them. Risk response plans should describe the expected outcome of each response action, any significant input from stakeholders, and the time and resources required to carry out the response. A risk response plan typically includes the following sections:
Risk Management Plan Preparation - This section provides guidance for preparing the risk management plan's remainder. It describes the recommended contents of the risk management plan and the recommended process for preparing it.
Risk Identification - This section identifies risk sources that might cause a negative outcome for the project. It also provides a risk identification checklist that the project team can utilize as a starting point for identifying risks.
Risk Analysis - This section analyzes each identified risk's potential impact on project success by estimating the probability of occurrence and the potential effect on the project's objectives.
Risk Response Development - This section outlines the strategies and actions for managing risks. It includes contingency plans for high-priority risks and an implementation plan for all other risks.
Risk Response Control - This section describes how to evaluate the effectiveness of the risk response strategy, establish contingency plans, and implement corrective action as needed.
Risk response plans should be developed in collaboration with stakeholders to ensure that the project's risks are addressed appropriately. In addition, they should be reviewed regularly and updated as necessary throughout the project. The most important part of any risk response plan is the risk response strategy, which describes the specific actions to be taken in response to each identified risk. Therefore, the correct option is A.
The question was incomplete, Find the full content below:
Question 6 of 10
A risk response plan lists your risks, including identified risk causes, descriptions, and
Select an answer:
A. potential impacts
B. why the risk can't be avoided
C. your sponsor's assignee to handle risk
D. issue register
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How do answer this question?
To calculate the Percent change the formula applied as
A. Percent Change = ((New Value - Old Value)/Old Value) x 100
Year 2: ((66-60)/60) x 100 = 10.00%
Year 3: ((72-66)/66) x 100 = 9.09%
Year 4: ((81-72)/72) x 100 = 12.50%
Year 5: ((94-81)/81) x 100 = 16.05%
Year 6: ((160-94)/94) x 100 = 70.21%
Year 7: ((270-160)/160) x 100 = 68.75%
Year 8: ((450-270)/270) x 100 = 66.67%
B. Calculation of percent change for the entire period
Percent Change = ((Final Value - Initial Value)/Initial Value) x 100
((450-60)/60) x 100 = 650.00%
C. Based on the information presented, it is difficult to say whether this is a bubble or not. While there are significant percentage gains during the eight-year period, meanwhile fluctuation is also observed in percent change.
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Pacific Packaging's ROE last year was only 6%; but its management has developed a new operating plan that calls for a debt-to-capital ratio of 40%, which will result in annual interest charges of $168,000. The firm has no plans to use preferred stock and total assets equal total invested capital. Management projects an EBIT of $356,000 on sales of $4,000,000, and it expects to have a total assets turnover ratio of 2.7. Under these conditions, the tax rate will be 35%. If the changes are made, what will be the company's return on equity? Do not round intermediate calculations. Round your answer to two decimal places._________%
Answer:
13.75%
Explanation:
Calculation for what will be the company's return on equity
First step
Asset Turnover Ratio= Net Sales / Total Assets ------(1)
Given Asset Turnover Ratio =2.7
=> 2.7 = 4,000,000/ Total Assets (from equation 1)
=>Total Assets = 1,481,481 ------(2)
Second step
ROE = Net Income / Equity
Net Income = (EBIT - Interest Charges) *(1-tax rate)
Net Income = (356,000 -168,000) *(1-35%)
Net Income = $122,200 --------(3)
Equity = Total Assets *(1-debt ratio)
Equity = 1,481,481*(1-0.4) = $888,889 --------(4)
From equation 3 and 4
ROE = Net Income / Equity
ROE= 122,200/888,889
ROE =0.1375*100
ROE=13.75%
Therefore ROE will be 13.75%
If a company using competitive pricing sets its prices higher than its competitors, it should offer extra Blank Space __________.
features
money
pricing
quantity
When a company engages in competitive pricing, and then set their prices higher than competitors, they should offer more features.
What is competitive pricing?Competitive pricing refers to when the price of a good or service is decided based on the price that the competitors to the product makers are charging for their similar goods and services.
The goal is often to set a lower price than competitors or at least the same price. This means that if a company sets a higher price, then they should add more features to the product or service to make sure that the price of the good or service is worth it.
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is a place where two parties can gather to facilitate the exchange of products
A marketplace is a physical or virtual place where two parties can gather to facilitate the exchange of goods or services. It is a space where vendors or merchants come together to sell their wares, and consumers come to buy what they need. A marketplace can be found in many forms and has evolved over time to keep up with the changing nature of trade and commerce.
Traditional marketplaces are physical locations where people gather to sell goods. They have been around since ancient times and continue to exist in many parts of the world. These marketplaces are usually located in urban areas, and vendors set up their stalls or shops to sell their wares.
They may sell food, clothing, handmade crafts, or other products. People come to these marketplaces to buy what they need, socialize, and enjoy the atmosphere.Virtual marketplaces, on the other hand, are online platforms where people can buy and sell products.
These marketplaces are accessible from anywhere with an internet connection and have become increasingly popular in recent years. Popular examples of virtual marketplaces include Amazon, eBay, and Etsy.
These platforms allow vendors to reach a broader audience and sell their products worldwide.In conclusion, marketplaces are crucial for facilitating the exchange of goods and services. They have been around for centuries, and their evolution has resulted in various forms, including traditional and virtual marketplaces.
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QUESTION 3 of 10: You worked the following hours this week: Monday 8 AM to 5 PM, Tuesday 9 AM to 3 PM, Thursday 8:30 AM to 2:15 PM. You get a 30-minute unpaid lunch break every work day. How many hours will you be paid for this week?
Answer:
19 hours
Explanation:
8 and a half
5 and a half
5 and 15
Taylor, Inc., stock has a beta of 1.2 and an expected return of 9.3%. The risk-free rate is 4.1% and the market risk premium is 6.8%. This stock is _____ because the CAPM return for the stock is _____%.a. overvalued; 11.87.
b. undervalued; 12.09.
c. undervalued; 12.26.
d. overvalued; 12.26.
e. undervalued; 11.87.
Answer:
The stock is overvalued because the CAPM return for the stock is 12.26%
Option d is the correct answer.
Explanation:
Using the CAPM, we can calculate the required rate of return on a stock. This is the minimum return required by the investors to invest in a stock based on its systematic risk, the market's risk premium and the risk free rate. If the expected return on a stock is less than the required rate of return, a stock is said to be overvalued and vice versa.
The formula for required rate of return under CAPM is,
r = rRF + Beta * rpM
Where,
rRF is the risk free rate
rpM is the market return
r = 0.041 + 1.2 * 0.068
r = 0.1226 or 12.26%
The stock is overvalued because the CAPM return for the stock is 12.26%
Read the article 8 Things You Should Consider Before Getting a Franchise
After reading the 8 items, select one and write a summary on it and note how it might apply to your business as a franchisor.
One of the items mentioned in the article "8 Things You Should Consider Before Getting a Franchise" is the importance of conducting thorough research before investing in a franchise.
What is the explanation for the above response?
One of the items mentioned in the article "8 Things You Should Consider Before Getting a Franchise" is the importance of conducting thorough research before investing in a franchise. It is crucial to research the franchisor's background, franchise system, and the industry in which the franchise operates to ensure that it aligns with your business goals and values.
As a franchisor, it is important to provide potential franchisees with comprehensive information about your franchise system, including financial information, training and support, marketing strategies, and operational procedures. This will help franchisees make an informed decision about investing in your franchise and ensure that they have a clear understanding of what they can expect.
It is also important to conduct ongoing research and analysis of the industry to stay up-to-date on market trends and consumer demands. This will enable you to adapt your franchise system to changing market conditions and provide your franchisees with the support they need to succeed.
By focusing on thorough research, both as a potential franchisee and as a franchisor, you can ensure that you make an informed decision about investing in a franchise and set yourself up for long-term success.
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what is gross income??
Answer:
the amount of money you make before all the taxes and deductions are made.
Explanation:
whay i said for the answer ^
A company purchased equipment valued at $66000. It traded in old equipment for a $9000 trade in allowance. The old equipment cost $44000 and accumulated depreciation of $36000. This transaction has commercial substance. What is the recorded value of the new equipment?
Answer:
11000.
Explanation:
Is the answer to this question
1. Do you think the minimum wage should be increased in California, as is proposed? Why or why not? Remember, many firms must give everyone raises when minimum wage increases to keep all their workers happy. 2. In your opinion, what was the original purpose of the minimum wage? Was it meant to be a living wage?
During a job interview, Pam Thompson is offered a salary of 49,000. The company gives annual raises if 6 percent. What will be Pam"s salary during her 5th year on the Job?
The company expects this year's sales to increase by 25%. The selling price is $13 per unit. Prepare a Sales Budget for the
Answer:
The full question is "Royal Company is preparing budgets for the second quarter ending June 30. Last year's sales for the corresponding period were: March 15,000 units April 18,000 units May 28,000 units June 26,000 units July 19,000 units August 12,000 unit. The company expects this year's sales to increase by 25%. The selling price is $13 per unit. Prepare a Sales Budget for Royal Company."
Sales Budget
Month Budgeted Sales Selling Price Total budgeted sales
March 15,000+25% = 18750 $13 $243,750
April 18,000 +25% = 22500 $13 $292,500
May 28,000 +25% = 35000 $13 $455,000
June 26,000 +25% = 32500 $13 $422,500
July 19,000 +25% = 23750 $13 $308,750
Total Budgeted sales for the 2nd Quarter $1,722,500
August 12,000 +25% = 15000 $13 $195,000
Please help me look for the answer to this question!!!
On July 1, 2019, Sheridan Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $12,000
salvage value. On December 31, 2022, (before calculating annual depreciation) the company estimated that the equipment's
remaining useful life was 10 years, with a revised salvage value of $5,000
(what is in the red box is incorrect)
The depreciation expense entry on Dec 31, 2019 is
DR Depreciation Expense $4250
CR Accumulated Depreciation $4250
The depreciation expense entry on Dec 31, 2020 is
DR Depreciation Expense $8500
CR Accumulated Depreciation $8500
Revised Annual depreciation to be charged on Dec 31, 2022 is $5375
The depreciation expense entry on Dec 31, 2022 is
DR Depreciation Expense $5375
CR Accumulated Depreciation $5375
Balance Accumulated Depreciation as on Dec 31, 2022 is $26,625
What is Depreciation?Depreciation is a systematic allocation of cost of an asset over the useful life. Depreciation is charged monthly or annually according to the policy. Depreciation can be calculated using straight line method or reducing method, these two are common methods of you of calculating depreciation.
In the case scenario provided in the question the depreciation was initially charged on eight years while the revised depreciation estimated that the useful life of the asset remaining is 10 years. The asset value is first deducted from the salvage value of the asset then divided by the number of estimated useful life. Revised depreciation can be calculated by taking the original amount of the asset minus accumulated depreciation till date minus salvage value then divide into revised useful remaining life of the asset.
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Question 1: Critique the case from a leadership, internal and external communication with stakeholders, and barriers to communication point of view.
A general view from the leadership, internal and external communication with stakeholders has been provided
The leadership, internal and external communication with stakeholdersLeadership:
Efficient leadership necessitates setting a definitive vision, encouraging and motivating personnel, and making judicious decisions when required. A successful leader should succinctly verbalize the vision and objectives of the organization and guarantee that employees comprehend their positions in attaining those aims.
Internal communication with stakeholders:Interior communication with stakeholders pertains to communication within an institution with staff, superior executives, and additional internal stakeholders. Successful internal communication can facilitate aligning the visions and aspirations of the corporation and guaranteeing that everybody is progressing towards common ambitions.
External communication with stakeholders:
External communication with stakeholders alludes to communication with purchasers, vendors, financiers, and other external parties. Effective external communication can promote constructing associations with these stakeholders, embellish the standing of the establishment, and elevate customer gratification.
Barriers to communication:Certain obstructions to productive communication can affect the capability of leaders to communicate effectively with stakeholders. These impediments involve speakers barriers, cultural differences, physical detachment, and technological issues. Other hindrances consist of inadequate trust, deficient listening aptitudes, and indefinite or ephemeral messages.
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The following transactions occurred during July:
Received $1,020 cash for services provided to a customer during July.
Received $4,400 cash investment from Bob Johnson, the owner of the business
Received $870 from a customer in partial payment of his account receivable which arose from sales in June.
Provided services to a customer on credit, $495.
Borrowed $7,200 from the bank by signing a promissory note.
Received $1,370 cash from a customer for services to be rendered next year.
What was the amount of revenue for July?
a. $1,020.
b. $3,755.
c. $14,860.
d. $1,515.
e. $2,885
The amount of revenue for July is $1,515.
The computation of the amount of revenue for July is as follows:= Cash received during July month + provided service to the customer on credit
= $1,020 + $495
= $1,515
Therefore we can conclude that the amount of revenue for July is $1,515.
Hence, option d is correct.
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Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system.
Date Transactions Units Unit Cost Total Cost
October 1 Beginning inventory 6 $ 790 $ 4,740
October 4 Sale 4
October 10 Purchase 5 800 4,000
October 13 Sale 3
October 20 Purchase 4 810 3,240
October 28 Sale 7
October 30 Purchase 8 820 6,560
$ 18,540
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31
The cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.
The LIFO method (last-in, first-out) of inventory valuation requires that the most recent purchases of inventory be used first in the cost of products sold and ending inventory calculations. The ending inventory and cost of products sold at the end of October will be calculated using the LIFO method, based on the data given in the table.Based on the data given, the total units sold is 14, and the total units purchased is 17. Here's how to calculate the ending inventory and cost of products sold using the LIFO method:Step 1: The last purchase of 8 units at a cost of $820 each on October 30 is deducted from the inventory count, leaving 9 units.Step 2: The previous purchase of 4 units at a cost of $810 each on October 20 is deducted from the inventory count, leaving 5 units.Step 3: The next purchase of 5 units at a cost of $800 each on October 10 is deducted from the inventory count, leaving 0 units.Step 4: Based on the LIFO method, the cost of the ending inventory is the sum of the cost of the oldest units remaining in stock, which is 4 units at a cost of $790 each on October 1, totaling $3,160.Step 5: Based on the LIFO method, the cost of goods sold (COGS) is calculated by adding the total cost of units sold, which is 14 units at a cost of $820 each on October 30, 4 units at a cost of $810 each on October 20, and 5 units at a cost of $800 each on October 10, totaling $17,260.Therefore, the cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.For more questions on cost of goods sold (COGS)
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4. If you enter your credit card information as a requirement for a "free trial" there is
a possibility you could be charged automatically after the trial period is up.
True
O
False
HELP ME
Answer:
True
Explanation:
If you enter a credit card for a free trial, the card will likely be automatically charged because you have agreed to have your card charged immediately after the free trial period.
Hope this helps! Let me know.
How does the project fit within the global microeconomic environment? Support your response with evidence.
Explanation
Microeconomics is one of the significant center regions inside the scholarly field of financial aspects. While the degree and techniques for microeconomics can be intricate, its general center is moderately direct. Microeconomics inspects the regular activities of the commercial center, zeroing in on the choices made by people – individuals and organizations – as they purchase, sell, contribute and settle on other monetary choices. You don't have to officially consider microeconomics to apply a portion of its standards to your private company.
12. An industry is defined as: a. A collection of firms that compete with one another in a single product market. b. A collection of firms that exist in a particular geographical area (e.g. Spain). c. A collection of firms that use similar distribution channels. d. All of the above.
Answer: a. A collection of firms that compete with one another in a single product market
Explanation: An industry would be defined as a collection of firms that compete with one another in a single product market. In other words, an industry consists of a group of businesses of the same type, considered as a whole, and consists of large-scale enterprises in a sector of the economy. These businesses are classed into industries based on the primary product produced or sold (major source of revenue).