Economics provides the insights and analytical framework required to understand the way our world operates, from the choices we make in our everyday lives to how businesses or governments achieve their desired objectives. Everyday, people make choices that affect their lives, in big or small ways.
What is economicsEconomy is a large set of interrelated production and consumption activities that help in determining how scarce resources are allocated. The production and consumption of goods and services are used to meet the needs of those who live and operate in the economy, which is also referred to as an economic system.
The economy includes all activities related to the production, consumption and trade of goods and services in an area. The economy applies to everyone from individuals to entities such as companies and governments. The economy of a given region or country is governed by culture, law, history, and geography, among other factors, and evolves out of necessity. For this reason, no two economies are identical.
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Why is the net income less than the gross income?.
Net income is the bottom-line profit generated by a business. It is gross income minus all business expenses, which can include the cost of goods sold, and also advertising, rent, utilities, or wages.
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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____ is the federal income tax withheld what you get back
Withholding tax is the federal income tax withheld what you get back.
The word withholding tax refers to the money deducted from an employee's gross wages and paid directly to the government by the employer. Tax withholding applies to the great majority of persons who work in the United States.
The amount withheld is a credit against the employee's taxable income for the year. Nonresident aliens are also liable to withholding taxes on earned income as well as other income such as interest and dividends from securities owned by nonresident aliens in the United States.
Tax withholding allows the United States government to keep its pay-as-you-go (or pay-as-you-earn) income tax system. This entails taxing individuals at the point of income generation rather than attempting to collect income tax after earnings are collected.
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____is the process through which countries around the world exchange ideas, do business, and trade goods.
Globalization is the process through which countries around the world exchange ideas, do business, and trade goods.
The term "globalisation" refers to the increasing interdependence of the world's economies, civilizations, as well as populations as a result of pass trade of goods and services, new tech, and flows of investor, people, and information. Over many centuries, countries have formed economic alliances to facilitate these movements. However, the term gained currency after Cold War ended in the early nineties, as these co - operative agreements shaped modern life. The term is used more narrowly in this guide to refer to global trade and some capital flow among advanced economies, with a focus on the United States.
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Answer:
Globalization is the answer
Explanation:
ivan has inherited his mother’s 1963 chevrolet corvette, which he values at $45,000. he decides that he might be willing to sell it, so he posts it on craigslist for $55,000. samantha is interested and willing to pay up to $72,000 for one, so they agree on a price of $55,000 for the car. Would Ivan and Samantha want to voluntarily engage in trade? How much economic surplus is created for both of them as a result of this exchange? What is the total economic surplus?
Based on the provided information, Ivan and Samantha would want to voluntarily engage in trade as it would benefit them. The economic surplus for Ivan and Samantha is $10,000 and $ 17,000 respectively. The total economic surplus is $27,000.
Economic surplus is the gain consumers and producers receive in a particular transaction and is a measure of market wellbeing. Economic surplus, also called community surplus, is a relationship between consumers and producers and is an aggregation of profits acquired by consumers and profits acquired by producers. It is divided into two categories: consumer surplus and producer surplus. When there is a benefit to the consumer, it is called consumer surplus and if there is a benefit to the producers or seller, it is called producer surplus.
The value of the 1963 Chevrolet Corvette is $45,000. He posted the ad for the car for $55,000 and the selling price for the car was $55,000.
The producer surplus is determined by the amount received minus the amount of willing to sell. Hence,
Producer surplus to Ivan = 55000 – 45000 = $10,000
The consumer surplus is determined by the amount willing to pay minus the amount actually paid. Samantha is willing to pay $72,000. Hence,
Consumer surplus to Samantha = 72000 – 55000 = $ 17,000
The total economic surplus is the sum of producer and consumer surplus. Hence.
Total economic surplus = 10000 + 17000 = $27,000.
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if you’re using the high rate method, how do you organize your debts?
When employing the high-rate technique to manage your debt, after completing all of your minimum payments, you should concentrate on paying off the loan with the highest interest rate first.
The "snowball technique" or "avalanche method" entails paying off your obligations in the order of their interest rates, beginning with the loan with the highest interest rate and moving down to the debt with the lowest interest rate. You may reduce your overall interest costs and accelerate your debt repayment by paying off the loan with the highest interest rate first. People who desire to pay off their debt as quickly as possible yet have several loans with various interest rates may find this strategy to be successful.
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Which one of the following is included in current assets?A. Accounts ReceivableB. AutomobilesC. Common StockD. Taxes Payable
Account receivable is included in current assets. So the correct options is A.
In economic and accounting, a current asset generally can be defined as any asset which can reasonably be expected to be exhausted, sold, or also consumed, through the normal operations of a business. That asset in the current account are expected within the current fiscal year or operating cycle or financial year. There are several example of current assets, such as Cash, Cash Equivalents, Accounts Receivable, Marketable Securities, Stock or Inventory, Prepaid Expenses, and also Other Liquid Assets.
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What benefits might citizens of a centrally planned economy derive from a move toward a marked based system?
Moving toward a market-based system has some advantages for citizens of a centrally planned economy, including: improved resource utilisation efficiency. less shortages
What are the advantages of a government-run, planned economy?A few benefits include the equitable distribution of wealth, decreased inequality, low unemployment rate, and increased social welfare. Lack of freedom, competition, creativity, and financial rewards for hard labour are all disadvantages.
What advantages does a nation with a planned economy provide for its citizens?Since prices are kept in check, everyone can afford to buy goods and services. Wealth disparity has decreased. Due to carefully planned resource allocation, there is no duplication. Low unemployment rate since everyone is supposed to have a job, according to the government.
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What is the government regulation of business?.
Government regulation of firms uses the 'coercive power' of the state to alter firms' pricing, entry, production, investment, and product choice decisions.
A corporation, abbreviated as co., is a legal entity that represents an association of people, whether physical, legal or a mixture of the two, with a particular goal. The members of the company share a common goal and together achieve stated specific goals.
A society may be formed as a body corporation so that the society itself has limited liability when its members perform or fail to perform their obligations under a publicly stated constitution or established policy. announced. When a business closes, it may need to be liquidated to avoid further legal obligations.
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In your buine plan, you note that invetor can expect to gain 110 percent of their invetment back after three year. The time frame here provide your:
Group of anwer choice
turnover. Point-of-ale. Rate of return. Return on interet
The time frame mentioned in the statement "110 percent of their investment back after three years" refers to the rate of return on the investment. Thus the correct answer is the Rate of return.
The rate of return measures the gain or loss on an investment over a certain period of time, in this case, three years.
It is expressed as a percentage of the original investment. A rate of return of 110 percent means that the investor will receive a return of 110 percent of their original investment after three years. This information is useful for investors to evaluate the potential profitability of an investment and to compare the return on different investment options.
It is also an indicator of the overall performance and success of a business, as a high rate of return suggests that the company is generating strong returns for its investors.
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Which are the fundamental questions that every society must answer Mcq?
Every society must decide what to produce, how to produce it, and for whom to produce it because we live in a world of relatively scarce resources.
And must make careful economic choices about how to use these resources. Economic systems answer three fundamental questions: what will be produced, how will it be produced, and how will the output society produces be distributed? Scarcity – is the fundamental problem facing all societies. It is the condition that results from society not having enough resources to produce all the things that people would like to have. Due to limited resources, scarcity is a fundamental problem in every society.
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What does a business typically receive when it issues stock to owners?
When a business issues stock to owners, they typically receive a financial stake in the company and the ability to vote on important decisions.
This means that shareholders are entitled to a portion of the company’s profits and losses, as well as the right to vote on important matters such as the election of directors, changes to the company’s bylaws, and the issuance of dividends.
Additionally, shareholders may also receive certain benefits, such as access to company information and special discounts.
When a business issues stock to owners, they are essentially transferring ownership of a portion of the company. This provides owners with a financial stake in the company, entitling them to a share of the profits and losses.
Owners will also receive voting rights, giving them a say in how the company is managed. Furthermore, shareholders may be eligible to receive dividends if the issuing company has profits.
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What is an example of a capital resource in economics?.
Explanation:
Capital resources include money to start a new business, tools, buildings, machinery, and any other goods people make to produce goods and provide services.
How prices act as incentives to producers?.
Higher prices are an incentive to sell-ers to increase prod-uction to make more goods. But the big-gest incen-tive for sellers is know-ing that wh-en prices rise, their profits will prob-ably rise, too. Some-times when the supply is low, smart sell-ers offer substi-tutes.
Prices send sig-nals and provide incent-ives to buyers and sell-ers. When supply or dem-and changes, market prices adjust, affect-ing incentives. High-er prices for a go-od or service pro-vide incentives for buyers to pur-chase less of that good or ser-vice and for producers to ma-ke or sell more of it.
Pricing is import-ant since it def-ines the value that your product are wo-rth for you to make and for your cus-tomers to use.
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Which taxes are progressive and which are regressive?
Rock musician donny west is paid 15% on his tour video online sales. Last year fans downloaded his songs 991,000 times, and he also sold 550,000 videos. The songs are downloaded for $1. 09 each and the videos were downloaded for $9 each.
Rock musician donny West received $1245000 in royalties last year.
Cost of 1 CD = $5, Cost of 1000000 CD, Cost of 1 video = $6,Cost of 550000 videos, Now Total sales = 5000000+3300000 = 8300000, the amount received = 15% of 8300000= $1245000.
What is sales?A sale is a deal that involves exchanging products or services for a specific sum of money. In other terms, a sale is any action that involves giving the buyer possession of a thing or commodity in return for money. Sales, as used in general commercial operations, refer to any transactions where money or value is transferred for the right to own a good or access to a service. Sales in an accounting context refers to a company's revenue from the selling of goods or services (net sales).
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How private property rights and marketplace competition are different in market economies and command economies?.
In market economies individuals are allowed to own property whereas in command economies this is not guaranteed. By being able to own private property rights individuals in market economies can own and start businesses.
A market economy is an economic system in which choices about investment, production, and distribution to consumers are governed by price signals generated by supply and demand factors. The existence of factor markets, which play a prominent role in the allocation of capital and inputs of production, is a key feature of a market economy.
Market economies range from minimally regulated free-market and laissez-faire systems, in which the government's role is limited to providing public goods and services and protecting private ownership, to interventionist forms, in which the government actively intervenes to correct market failures and promote social welfare.
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A government subsidy to the producers of a product:
a) reduces product supply.
b) increases product supply.
c) reduces product demand.
d) increases product demand.
A government subsidy to the producers of a product increases product supply.
What is a subsidy from the government?Governments may promote specific industries or economic sectors with payments, tax rebates, or other financial incentives. Subsidies are meant to help or support what is thought to be a crucial component of the national economy or infrastructure.
Subsidies benefit who?A government incentive known as a subsidy is one that increases the availability of specific goods and services by providing money, grants, or tax exemptions to people or businesses. The availability of less expensive goods and commodities is made possible through subsidies.
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What percentage of wealth belonged to the wealthiest 1 percent of us citizens in 2010 about 53 percent about 35 percent about 11 percent about 42 perce?.
About 53 percent of the wealth belonged to the US citizens in 2010.
Over the past few decades, wealth inequality in the US has considerably increased. There are several ways to calculate the person percentage.
Wealth inequality in the United States refers as the unequal distribution of assets among the population.
Wealth inequality, or the unequal distribution of wealth, frequently coexists with income inequality.
The unequal distribution of income among a population is known as income inequality. The higher the income disparity is ,the less evenly distributed the income is.
This disparity can be seen in how almost 53 percent of the wealth belonged to the US citizens in 2010.
Populations can be segmented in a variety of ways to demonstrate different degrees and manifestations of income inequality, such as inequality in income based on race or gender.
However it shall be noted that in many cases, the valuations of any homes, cars, personal property, enterprises, savings, and investments, as well as any connected obligations, are regarded as part of one's wealth
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What is the difference between using an action button to play an audio file via 'play sound' and an audio clip set up through the Media Group?
Answer: The action button lets users play the audio file, the sound button will play an audio clip.
Explanation:
The action button lets users play the audio file once it is clicked or has a mouse over action over the assignment button. The sound button will play an audio clip that you have specified in the action settings dialog box.
What benefits might citizens of a Centrally Planned economy derive from a move toward a marked based system?
Citizens in a Centrally Planned Economy benefit from a shift toward a marked-based system. Higher economic growth, Increased access to products and services, More freedom and choice.
1. Higher economic growth: Transitioning to a market-based economy promotes competitiveness and efficiency, which can lead to increased economic growth.
2. Increased access to products and services: As the economy shifts toward a market-based system, residents will have more access to a broader range of goods and services, including imported commodities.
3. More freedom and choice: In a market-based economy, individuals have greater flexibility to pick whatever products and services they wish to buy, as well as more freedom to engage in a variety of economic activities.
4. Improved entrepreneurial incentives: A market-based economy may give incentives for entrepreneurs to innovate and produce new goods and services, resulting in increased economic growth and development.
5. More effective resource allocation: A market-based system supports efficient resource allocation since prices represent the real worth of commodities and services in the economy. This has the potential to boost economic efficiency.
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Which of the following activities is common for a documentation program?
A. Preparation of medical supplies and first aid
B. Monitoring of emergency response activities
C. Evaluating engineering control methods
D. Storage, maintenance, and training on SDS
An activities that is common for a documentation program is storage, maintenance, and training on SDS. The Option D is correct.
What does documentation program means?A program or software document is any written text, illustrations, or video that describes a software or program to its users. A user can be anyone, from a programmer to a system analyst to an end user. Multiple documents for different users may be created at various stages of development. Indeed, software documentation is an important part of the overall software development process.
Because different teams develop different modules of the software in modular programming, documentation becomes even more important. Good and detailed documentation will make it easier for anyone other than the development team to understand a module.
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What is economic system and its importance?.
The economic system is important as it provides regulatory structure that governs components of production and distribution.
An economic system is a regulatory structure that governs several components of production and distribution, such as: labor, land, capital, or other resources.
Several types of economic system are:
Traditional economic system: In this system, each member of a society has a distinct duty in a traditional economic system that contributes to the overall progress of the society.Command economic system; In this system, the government has an important role to play in directing and intervening in corporate processes that deliver crucial goods (or services) to the community.Market economic system: In this system, companies and individuals make self-interested decisions in allocating and distributing resources, what to produce, and to whom the goods will be sold to. Governments often have minimal influence over how companies operate and earn income, although they can regulate aspects such as fair trade, and honest corporate practices.Learn more about economic system here:
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What is sustainability Accenture?.
At Accenture, sustainability is our commitment to creating a better world through our work.
We strive to build a future of economic, social and environmental progress that benefits everyone.
We are constantly looking for new and innovative ways to reduce our environmental impact, while still delivering quality services to our clients.
Our approach to sustainability goes beyond traditional environmental initiatives, as we look to create lasting solutions that can have a positive impact on society and our planet. We are also actively engaging with our clients to help them achieve their sustainability goals. We believe that through collaboration and innovation, we can create a better future for everyone.
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A basic concept in economics is that all resources are
O scarce.
• allocated.
valuable.
O renewable.
A basic concept in economics is that all resources are scarce. Thus, option a. is the correct answer.
Explain about the basic concept about the economics.
Every person's life includes doing economics on a regular basis in addition to studying it. It serves as a means of balancing the inputs and outputs of money. Whatever it is, one should prepare before the month or count at the end of the month or year, whether it is a small family, a large family, a small commercial enterprise, or a giant organisation. Economics seeks to strike a balance between the unending demands and the finite resources.
After saying this, we'll start talking about the topic of "economics." The pupils who are just beginning their studies in commerce in class XI will find this subject extremely interesting. In essence
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Answer:
Option A scarce
Explanation:
How does a market economy deal with private property?.
A market economy deal with private property in term of capitalism which often the individual or business to buy the property and control over it.
The market economy according to the economics, in the economic system the efficiency and economic freedom gives to the seller and buyer or individual have the right to what they want to sell and what they want to buy in the marketplace.
The way a market economy deal with private property in term of capitalism. The natural resources and other resources are basically owned by the individual and government. The property which is owned by the individual comes under the private property.
The market economy maintains the private property ownerships by the right to own and use.
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What is a free enterprise system What country has a free enterprise system?.
The free enterprise system is the economic model of a market economy in which resources, labor, and capital are privately owned and market forces are allowed to determine the prices and production of goods and services. U.S. is an example of free enterprise system.
This system of economics encourages economic freedom, allowing businesses to make their own decisions on pricing, production, and distribution of goods and services without government interference. As a result, businesses are able to pursue their own goals, and competition between companies drives economic growth.
The free enterprise system encourages innovation and rewards risk-taking, providing opportunities for businesses to succeed and benefit the public. Ultimately, this system has the potential to create greater wealth and opportunity for all members of society.
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What is one of the biggest telltale signs of a pyramid scheme?
Pyramid schemes posing as multi-level marketing businesses by claiming to have been in the business of selling goods to customers.
What is a pyramid scheme?In a "pyramid" scheme, participants try to gain money purely by recruiting new members, typically if the recruiter guarantees a high return in a short amount of time.
There is no actual sale of merchandise or service; and. Fresh student recruitment is the main focus.
Instead of offering investments or making sales of goods, a pyramid scheme gathers members by promising income or services in exchange for bringing people into the plan.
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when it was founded in 2000, what did the initials of the british online fashion retailer asos stand for?
When it was founded in 2000, the initials pf the British online fashion retailer ASOS stand for As Seen On Screen.
ASOS originally stood for As Seen On Screen with a tag line "Buy what you see on film and TV". ASOS headquarters is in Camden Town at Greater London House. In 2013, their main fulfillment center is in Yorkshire. The company is listed on the London Stock Exchange. ASOS is a British online fashion and cosmetic retailer. The website sells over 850 brands as well as its own range of clothes and accessories and ship it on 196 countries across globe.
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What is the difference between gross income and net income and why is it important to know the difference between the two when you create a budget?.
Explanation:
Gross income represents your wages from your employer before taxes, and other deductions have been taken out. However, net income as an employee is your take-home pay after taxes have been withheld, including taxes for Social Security and Medicare.
list and describe some advantages of centrally planned economies
A command economy provides advantages such as speed, little to no unemployment, theoretical equality, and a focus on the common good rather than profits.
Do they employ a plan?
The word "plan" is in the past tense and is called "planned." It suggests preparing, arranging, or organizing something. "Planed" is the past tense of the verb "plane." Another interpretation is "soared or glided like an airplane." To "plane a surface" is another possible meaning of the expression.
Alternatives include taking initiative and making plans in advance. There is some degree of planning and intent. according to a plan, prepared, or completed. "the estimated costs for new equipment"
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