In a market economy, the economy is governed by supply and demand rather than by government involvement.
A market economy is an economic system where the majority of the resources are owned by the private sector rather than the government. Land, labor, and money are all included in this. In a market economy, people decide how to use and how much to pay for these resources on a voluntary basis. It is not governed by a single entity, but rather by the supply and demand for products and services. Market economies include those in the United States, England, and Japan.
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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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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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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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