Every society, regardless of its political structure, must develop an economic system to determine how to use its limited productive resources to answer the three basic economic questions of what, how, and for whom to produce.
About economic questionThe three basic economic questions are what to produce, how to produce it and for whom to produce it. In the economic field, the economic system has several functions:
1. Stimulating the community to carry out production activities.
2. Provides a method for coordinating the activities of individuals in the economy.
3. Providing a certain mechanism so that production results can be distributed evenly.
Types of Economic SystemsIn general the economic system is divided into four, namely the traditional economic system, the command or centralized system, the market or liberal economic system, and the mixed economic system.
Traditional Economic SystemIn running its economy, the traditional economic system focuses on habits and customs. Therefore, the existence of natural resources is needed by the community to meet the needs of life in the short term.
Command or Centralized Economic SystemBasically, a command economy system is an economic system in which all economic policies are determined by the government. Meanwhile, the community only carries out the rules that have been determined.
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Give all start up costs for opening a salon that has 8 workers and that does everything hair and wax related. Include the quantities for each item and the pricing
Start-up expenses are the costs a business spent or incurred to establish an active trade or business, or to research establishing or acquiring an active trade or business
What is meant by Start-up costs?Start-up expenses are the costs a business spent or incurred to establish an active trade or business, or to research establishing or acquiring an active trade or business. Start-up costs should always be expensed as they are incurred, even though this determination can be somewhat subjective. Typically, start-up costs encompass any expenditure made before a business starts to turn a profit. Startup activities are essentially expensed as they are incurred in the accounting process. Although the guidelines are straightforward, the main concern is not assuming that other charges that are comparable to start-up costs should be treated the same manner.Rent/Lease for the salon space: $2,000 - $10,000
Build-out costs: $5,000 - $15,000
Equipment and supplies:
8 stations, chairs, and mirrors: $5,000 - $10,000
8 styling stations (styling chairs, styling stations, styling tools): $8,000 - $15,000
8 hair dryers: $4,000 - $6,000
8 hair washing stations: $8,000 - $12,000
8 hair cutting stations: $8,000 - $12,000
8 waxing stations: $8,000 - $12,000
Hair color, waxing, and other supplies: $5,000 - $10,000
Marketing and advertising costs: $2,000 - $5,000
Legal and accounting fees: $1,500 - $3,000
Insurance (liability, property, and worker's compensation) $2,000 - $5,000
Employee salaries: $8,000 - $12,000
Miscellaneous costs (utilities, phone, internet, etc): $5,000 - $10,000
Please take note that these figures are only approximations and that prices can change depending on location and other variables.
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journal entries used to prepare temporary accounts for a new fiscal period is called ?
Closing entries can be defined as a journal entries used to prepare temporary accounts for a new fiscal period. At the end of each fiscal period, the temporary account balances must be reduced to zero.
In economic and accounting, A journal entry generally can be defined as a record of a business transaction in your business books. A journal entry is an important things through the business transactions, it is because a transaction can create a lot of changes in a business, a bookkeeper tracks them all with journal entries. In the journal entries, there is closing entries that can be defined as a journal entry that is made at the end of an accounting period to transfer balances from a temporary account to a permanent account.
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Which type of firm invests in lean manufacturing programs in order to improve customer service levels for a given inventory investment?
A business makes an investment in lean manufacturing techniques for a specific made-to-stock inventory investment in order to improve customer service levels.
Which do you mean by manufacturing?
Manufacturing is the process of creating goods, whether manually or mechanically, with the aim of selling them to customers once they are complete. The inputs used in production can be raw materials or specific parts of a larger product. Manufacturing frequently happens on a large-scale assembly line with tools and trained personnel.
Making new items out of parts or raw materials is what is meant when we say "manufacture." Tailors, bakers, shoemakers, and auto manufacturers are all examples of manufacturing enterprises because they all create products rather than providing services.
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You have 7/8 cup of alfredo auce to erve in your pat bowl. Each pata bowl require 1/16 of a cup of alfredo auce. How many pata bowl will get alfredo auce?
You can serve alfredo sauce in 7 bowls.
You have 7/8 cup of alfredo sauce to serve in your pet bowl. Each data bowl requires 1/16 of a cup of alfredo sauce.
To figure this out, you can start by converting the amount of alfredo sauce you have into a common fraction of cups. 7/8 cup can be converted to 7/8 * 16/16 = 7/8.
Then, you can divide the amount of sauce you have by the amount of sauce needed for one bowl.
So, 7/8 / (1/16) = 7/8 * 16 = 112/16 = 7.
So you can serve alfredo sauce in 7 bowls.
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if you file for bankruptcy which debts are forgiven?
If you file for bankruptcy, all debts are forgiven except those due to government.
A court order of discharge (which may be conditional) discharges the insolvent from all debts except those specified under relevant statutes, such as any debt owed to the government, any debt incurred through fraud or fraudulent breach of trust, debt for which the insolvent obtained forbearance through fraud, and maintenance liability.
However, you are subject to a number of restrictions until you are discharged from bankruptcy.
"An undischarged insolvent under the current law cannot act as a director in a firm, be a public servant, be elected or sit or vote as a member of any local authority, etc. Any disqualifications and restrictions are lifted once she is discharged.
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Describe strategies for managing customer dynamic.
Explain the importance of meeting and exceeding customer/guest expectations.
The importance of meeting and exceeding customer/guest expectations are Establish Clear Expectations, Anticipate Customer Needs, Develop Long-Term Relationships, Utilize Technology and Empower Employees.
What is customer?A customer is an individual or business that purchases goods or services from another entity. Customers are essential to the success of any business as they are the ones that generate revenue.
1. Establish Clear Expectations: Establishing clear expectations with customers is an essential part of managing customer dynamics. You should have an open and honest dialogue with customers about the services and products you offer, and the level of service they can expect.
2. Anticipate Customer Needs: It is important to anticipate your customers’ needs in order to provide exceptional service. Show your customers that you care by taking the time to listen to their concerns and providing solutions that meet their individual needs.
3. Develop Long-Term Relationships: Developing long-term relationships with customers is essential to ensure customer loyalty. Focus on building trust and rapport with customers, and provide them with personalized and attentive service.
4. Utilize Technology: Technology can be a powerful tool for managing customer dynamics. Utilize customer relationship management (CRM) software that offers insights into customer behavior and preferences. This can help you to better understand customer needs and provide tailored services.
5. Empower Employees: Empowering employees is an important part of managing customer dynamics. Give employees the autonomy to make decisions and take initiative when dealing with customer issues. This will help to create a more customer-centric culture and ensure that customers are receiving the best possible service.
Explaining the importance of meeting and exceeding customer/guest expectations is essential in developing customer loyalty. Meeting customer expectations is important because it establishes trust and credibility, encourages customer loyalty, and helps to build brand reputation. Exceeding customer expectations is equally important as it shows customers that you care and are willing to go the extra mile to ensure that they are satisfied. It shows that you are committed to providing exceptional service, and it can help to create positive word-of-mouth which can lead to increased sales and customer loyalty.
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What is the difference between gross income net income and discretionary income?.
The amount of net income a household or individual has available to them to invest, save, or spend after income taxes. Disposable income minus all necessary payments equals discretionary income.
Income is the potential for consumption and savings obtained by a firm during a set time period, generally expressed in money. Haig-Simons income, which defines income as consumption + change in net worth and is commonly used in economics, is a highly significant definition of income.
Income in the United States is defined by tax law as the sum of all earnings, salaries, benefits, interest payments, rent, and other kinds of income generated in a calendar year. Discretionary income is sometimes defined as gross income less taxes and other deductions, and it is frequently used to compare taxpayer advantages.
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A local company is expanding its business and is working to build an eco-friendly building with a modern artistic design. Larry was hired to come up with the design concept, francis drew up the plans for the building, and meka was hired to oversee the building of the structure. Lacy was then brought in to organize the new furniture and details inside the building. Which best describes the careers of each worker?.
Reducing the use of non-renewable energy might benefit from the use of this illustration. The third goal of the design process is to improve the standard of the indoor environment.
What is a green structure with a contemporary creative design?An architect is a skilled professional who is in charge of the planning, creation, and maintenance of buildings. Architects have received extensive training in both the science and art of building design. Environmentally friendly building materials are ones that are safe for the environment and people as well as efficiently using resources and producing little waste. Along with material types, ecologically friendly solutions, rating and certification procedures are all studied.
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8. An increase in fixed costs will do which of the following
O a. shift the break even point to the left
b. shift the breakeven point to the right
c. make the total cost function steeper
O d. make the total cost function flatter
Explanation:
Correct option is D)
Make the total cost function flatter
Which economic system answers the 3 questions with the government?
A command or planned economy is an economic system in which the government answers the three basic economic questions of what to produce, how to produce and for whom to produce.
What is economic system?An economic system is a set of rules, regulations and institutions that are used to manage and allocate resources in a society or economy. It defines the production, distribution and consumption of goods and services in a given economy. The most common economic systems used today are capitalism, socialism and communism. Each of these systems have their own advantages and disadvantages, depending on the needs and goals of a given society. Capitalism is an economic system based on private ownership of the means of production and the pursuit of profit. Socialism is an economic system based on public ownership of the means of production and the pursuit of social equality. Communism is an economic system based on public ownership of all resources and the pursuit of collective well-being.
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what are two primary sources of friction that decrease cash flows from companies to their investors?
The concept is Financial management, which deals with investing the available financial resources to get better success. The answer is taxes and retained earnings.
Financial management means the planning, organization, direction, and control of financial activities, such as B. Collecting and using Company funds. This means applying the general principles of managing the company's financial resources.
For listed companies it is the share price and for private companies, it is the market value of equity. Taxes and retained earnings are sources of friction that reduce cash flow from companies to their investors.
Tax refers to a mandatory levy imposed by the government of a country on an individual or entity. Retained earnings are a company's accumulated earnings or net earnings after accounting for dividends.
Retained earnings are affected by any increase or decrease in net income and dividends paid to shareholders. Therefore, anything that increases or decreases net income ultimately affects retained earnings.
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my tax refund was accepted, when will it be approved
The timeline for when your tax refund will be approved depends on the processing method you selected and the accuracy of your return.
The timeline for your tax refund approval depends on the processing method you selected and the accuracy of your return. Whether you file electronically or by mail, the Internal Revenue Service (IRS) processes each return in the order that it is received.
If you choose to file electronically, the timeline is generally faster than if you choose to file by mail. The accuracy of your return is also important in determining the timeline of your tax refund. If your return has errors it could take longer for the IRS to process it, resulting in a longer wait for your tax refund.
Additionally, the amount of time it takes for the IRS to process your return depends on the time of year. During peak filing season, usually from January to April, it can take longer for the IRS to process your return and for you to receive your refund.
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operations and sales are the two ________ functions in businesses.
According to the list, the two functions in a firm are operations and sales. As a result, choice (E): Line is the right one.
The foundation of a company's structure and operations is referred to as its functions in business.Here, we must distinguish between the two roles that operations and sales play in enterprises.As is common knowledge, the three main management functions in every firm are finance, marketing, and operations management.These functions are performed one after the other in a sequential order.The lined ways can be used in another format.
Operations and sales are the two functions in businesses.
A. strategic
B. tactical
C. support
D. value-adding
E. line
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According to O*NET, what are common tasks performed by Nursery and Greenhouse Managers? Check all that apply.
touring work areas to observe work
harvesting vegetables
managing nurseries
analyzing the best way to harvest timber
creating decorative floral arrangements for events
identifying plants and problems with them
According to O*NET, The common tasks performed by Nursery and Greenhouse Managers are
touring work areas to observe workmanaging nurseriescreating decorative floral arrangements for eventsWhat is a manager?A manager is a person who is in charge of a project and aids in resource allocation, progress monitoring, and timely project completion in order to realize the organization's vision and goals.
The Nursery and Greenhouse Managers were tasked with concentrating on the increasing issues and finding solutions by closely observing and supervising the staff, which enables them to identify the underlying causes.
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Answer:
A C F
Explanation:
What are three important things to consider when choosing a college 
Answer:
Best of luck!
Explanation:
1. I would look into their funs if you can, like find out which part of the school gets the most money
2. tuition, dorms, start your FAFSA if you haven't already, look to see if they have your program, degree and major/minor of choice
3. tour the school!!
During january 2016, wells corporation purchased $200,000 of inventory; they paid one-fourth in cash, and signed a note for the remaining balance.
The proper statement is that as of the date specified in the journal entries for the acquisition of the inventory, the inventory will be debited and the cash and payables accounts will be credited.
What are journal entries?Journal entries are the financial transactions of a firm that are recorded in the organization's books in the order that they first appear.
Please refer to the graphic below, which includes the journal entries and their consequences as well as a description of the transaction and the event as well as the necessary amounts.
There will be a $200,000 debit in the inventories account, a $500,000 credit in the cash accounts, and a $150,000 credit in the accounts for bills payable in Wells Corp.'s books.
Therefore, the proper statement is that as of the date specified in the journal entries for the acquisition of the inventory, the inventory will be debited and the cash and payables accounts will be credited.
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Complete question:
In January 2016, Wells Corporation purchased $200,000 of inventory; they paid one-fourth in cash, and signed a note for the remaining balance. This transaction will be recorded as:
