True, The set of all possible outcomes of any experiment is called sample space.
What is meant by sample space?
A sample space is a set or collection of potential outcomes from a random experiment. The letter "S" stands for the sample space in a symbol.
The term "events" refers to a subset of probable experiment results. Depending on the experiment, a sample space could have several different outcomes.
What does "sample space" mean?
Sample space refers to a collection of all potential results of an experiment. Therefore, the sample space is just the set of all potential sample locations for a certain experiment. We will indicate the sample space by the letter S.
Learn more about sample space
brainly.com/question/28043513
#SPJ4
The following transactions are February activities of Swing Hard Incorporated, which offers indoor golfing lessons in the northeastern United States. If revenue is to be recognized in February, indicate the amount. a. Swing Hard collected S18,600 from customers for lesson services given in February b. Swing Hard sold a gift card for golf lessons for $120 cash in February c. Swing Hard received $5,500 from services provided on account to customers in January d. Swing Hard collected $5,100 in advance payments for services to start in June. e March Swing Hard billed a customer $150 for services provided between February 25 and February 28. The bill is to be paid in
The payment will be received in March a. The revenue from the classes and services provided in February will be $18,600.
b. The sale of the gift card will generate $120 in revenue that will be recorded in February.
c. The $5,500 in revenue from services rendered on account to clients in January and received in February will be recognised in February.
d. There will be no revenue from the advance payments for services that will begin in June that will be recognised in February. No revenue can be recognised in February for these payments because the services weren't rendered in that month.
e. Even though the payment will be received in March, the revenue from the invoiced services performed between February 25 and February 28 will be recognised in February and is $150.
despite the fact that the payment won't arrive until March. Regardless of when the services are actually rendered and paid for, revenue is recorded at that time.
Learn more about Revenue here:
https://brainly.com/question/8645356
#SPJ4
if a 4% decrease in the price of coffee leads to a 2% increase in the quantity demanded, the price elasticity of demand for coffee is relatively price
The price elasticity of demand measures the responsiveness of the quantity demanded of a good to a change in its price. It can be calculated as the percentage change in quantity demanded divided by the percentage change in price.
In this case, the percentage change in quantity demanded is 2%, and the percentage change in price is -4%. So, the price elasticity of demand for coffee is 2/-4 = -0.5.
A price elasticity of demand that is less than one, as in this case, indicates that the demand for the good is inelastic. This means that a change in price leads to a smaller proportional change in the quantity demanded.
In other words, consumers are less sensitive to changes in the price of the good, and a change in the price has a relatively smaller effect on the quantity demanded. In this case, the price elasticity of demand for coffee is relatively inelastic because a 4% decrease in price leads to a 2% increase in the quantity demanded.
To learn more about price elasticity
https://brainly.com/question/30161342
#SPJ4
How long do you have to be employed to get unemployment?
In general, to be eligible for unemployment benefits in the US, you must have worked a certain amount of time and earned a minimum amount of wages.
The specific requirements may vary by state, but most states use a base period of the first four of the last five calendar quarters preceding the claim.
For example, if someone filed for unemployment benefits in June 2021, the base period would be from January 1, 2020, to December 31, 2020.
The eligibility criteria would depend on the amount earned during that period and the reason for separation from the previous employment. If the individual meets the state's requirements, they may be eligible for a certain amount of benefits for a specific period of time.
Overall, the length of employment required to qualify for unemployment benefits depends on the state's rules and the applicant's individual circumstances. It's best to check the eligibility criteria in your state and file a claim as soon as possible if you believe you are eligible.
For more questions like Employment click the link below:
https://brainly.com/question/1361941
#SPJ4
A field is typically a name, number, or combination of characters that describes an aspect of a business object. true/false
A field is typically a name, number, or combination of characters that describes an aspect of a business object. - True
A name, number, or string of characters that identifies a particular feature of a business item is referred to as a field. Every entity that is pertinent to a certain business or organisation, such as a customer, product, or order, might be considered a business object. A business object's fields each contain specific data about that object. The name, address, phone number, and email fields of a customer object, for instance, could all be present.
Fields for the product name, price, description, and inventory level may be present in a product object. Fields are used to systematically arrange and store data about business objects. To specify the structure of data and make data management and analysis easier, they are also utilised in programming and database design.
Read more about field on:
https://brainly.com/question/30177146
#SPJ4
the amount a business receives from the sale of an item of merchandise.
a. selling price
b.markup
c.sales tax
d.sales journal
Option B is correct:
The amount a business adds to the cost of merchandise to establish the selling price is known as the markup.
The markup is typically expressed as a percentage of the cost of the merchandise, and it represents the amount of profit that the business intends to earn on the sale of the product.
For example, if a business purchases a product for $50 and adds a markup of 25%, the selling price of the product would be $62.50 ($50 + 0.25 x $50). The markup helps to cover the business's expenses, such as overhead costs, labor, and other expenses, and allows the business to earn a profit on the sale of the product.
The selling price is the final price at which the product is offered for sale to the customer. The sales tax is a tax that is imposed by the government on the sale of goods and services. The sales journal is a record of all credit sales made by a business.
For more such questions on business
https://brainly.com/question/24553900
#SPJ4
As a philosophy for business ethics, utilitarianism focuses attention on the need to
a) follow the ethical norms that are culturally accepted in a host nation.
b) make social investments designed to enhance the welfare of the communities in which they operate.
c) adhere to the United Nations Universal Declaration of Human Rights.
d) weigh carefully all of the social benefits and costs of a business action.
Option - D : As a philosophy for business ethics, utilitarianism focuses attention on the need to weigh carefully all of the social benefits and costs of a business action .
As a consequentialist ethical theory, utilitarianism holds that an action's morality is decided by its results or consequences. According to utilitarianism, a business decision is morally right if it produces the greatest overall balance of societal benefits over social costs. In order to create judgements that will result in the greatest overall balance of benefits over costs for society as a whole, utilitarianism emphasises the necessity to thoroughly assess all of the social benefits and costs of a business activity.
This method differs from other ethical frameworks like deontology or virtue ethics that emphasise the character of the actor or the inherent characteristics of the deed rather than the results of the activity.
For such more questions on utilitarianism :
brainly.com/question/29313132
#SPJ4
Firms use a ________ systems to integrate business processes in manufacturing and​ production, finance and​ accounting, sales and​ marketing, and human resources into a single software system.
Business processes in finance and accounting, sales and marketing, manufacturing and production, and human resources are all combined into one software system by enterprises using enterprise resource planning systems.
What is enterprise resource planning?Enterprise resource planning systems are used by businesses to consolidate business operations in finance and accounting, sales and marketing, manufacturing and production, and human resources into a single software system.
The integrated management of key business activities, frequently in real-time, is known as enterprise resource planning (ERP).
ERP is commonly referred to as a class of business management software that allows a company to gather, store, manage, and understand data from several business activities.
It is typically a suite of interconnected applications.
ERP systems may operate locally or in the cloud.
Due to the ease with which information is now accessible from any location with Internet access, cloud-based apps have increased in popularity in recent years.
On-premises ERP systems from the past are now viewed as outdated technology.
Therefore, business processes in finance and accounting, sales and marketing, manufacturing and production, and human resources are all combined into one software system by enterprises using enterprise resource planning systems.
Know more about enterprise resource planning here:
https://brainly.com/question/14635097
#SPJ4
Which of the following statements is true about the righteous moralist approach to ethics?
A normative ethical theory that stresses people's moral obligations is known as the righteous moralist approach to ethics. The one that applies to this strategy out of the following is: It maintains that moral principles
A person who possesses moral integrity, justice, and virtue is generally referred to as being "righteous." The righteous moralist perspective stresses the value of keeping certain moral values and carrying out one's moral responsibilities and obligations, such as maintaining one's honesty, integrity, and respect for others. This method frequently makes the assumption that there are unalterable, universal moral ideals and principles that apply regardless of culture or social circumstances. It could also be connected to religious or spiritual ideas, and it might entail a feeling of moral rectitude or personal accountability. The righteous moralist method can be viewed as an overall effort to sustain moral norms in society and encourage ethical behaviour
Learn more abut righteous here:
https://brainly.com/question/30187574
#SPJ4
savings accounts can be considered safe because they are _____.
Because the FDIC and NCUA cover savings accounts, they can be regarded as secure.
FDIC NCUA insurance: what is it?Congress established the National Local Bank Share Insurance Fund in 1970 to protect members' savings in government guaranteed credit unions. Each local bank member is covered for a minimum of $250,000. The Share Insurance Fund, which is overseen by the NCUA, covers individuals accounts up over $250,000. The FDIC insurance is automatic for depositors. When a deposit account is created with a bank or other financial institution that is FDIC-insured, coverage is automatic. Simply ensure that you are depositing your money in a deposit product with the bank if you want FDIC deposit insurance coverage.
To know more about NCUA visit:
https://brainly.com/question/3712222
#SPJ4
What can cause Bitcoin transaction to fail?
Bitcoin transactions can fail for a variety of reasons, including- Insufficient funds, Incorrect addresses, Network congestion, Low transaction fee, Wallet software issues, etc.
Let's talk about each of them briefly:
Insufficient funds: If you don't have enough Bitcoin in your wallet to cover the transaction amount plus fees, the transaction will fail.Incorrect address: If you send Bitcoin to an incorrect or invalid address, the transaction will fail. It's important to double-check the address before sending any Bitcoin.Network congestion: If the Bitcoin network is congested and there are too many transactions competing for limited block space, your transaction may not be confirmed in a timely manner or may even be rejected.Low transaction fee: If the transaction fee you attach to your Bitcoin transaction is too low, miners may not prioritize it, and your transaction may take longer to confirm or may not confirm at all.Wallet software issues: If there is an issue with your Bitcoin wallet software, such as a bug or a technical problem, it may prevent your transaction from being broadcast to the network or may cause it to fail.Invalid inputs: If the inputs used to fund the transaction are invalid or have been previously spent, the transaction may fail.Time limit: Some Bitcoin transactions may have a time limit, and if this limit is exceeded, the transaction may fail.It's important to note that once a Bitcoin transaction has been sent, it cannot be cancelled or reversed, so it's essential to take the necessary precautions to avoid transaction failure.
For more such questions on bitcoin
https://brainly.com/question/29999347
#SPJ4
the two types of control procedures are preventive and
The two kinds of manage processes are preventive and detective.
The seven inside control processes are separation of duties, get entry to controls, physical audits, standardized documentation, trial balances, periodic reconciliations, and approval authority.
What is preventive and detective control?Detective controls are designed to detect mistakes or irregularities that may additionally have occurred. Corrective controls are designed to right errors or irregularities that have been detected. Preventive controls, on the other hand, are designed to keep mistakes and irregularities from going on in the first place.
Which is higher preventive or detective control?Preventive controls are the fantastic sort of controls due to the fact they lessen the want to realize mistakes after the fact. Automated preventative controls are even better because they get rid of the want for human intervention and streamline auditing.
What are the two types of control procedures are preventive.
Learn more about control procedures here:
https://brainly.com/question/20713734#SPJ4How much is Amazon's dividend
The current TTM dividend payout for Amazon (AMZN) as of February 21, 2023, is $0.00.
Amazon is a multinational technology company based in Seattle, Washington, United States. It was founded in 1994 by Jeff Bezos as an online bookstore and has since grown into one of the largest online retailers in the world. Amazon offers a wide range of products and services, including retail goods, digital content, and cloud computing services.
Amazon's retail business allows customers to purchase a vast selection of products from around the world, including books, electronics, clothing, and groceries. The company operates numerous online marketplaces across the world, including Amazon.com, Amazon.ca, Amazon.co.uk, and Amazon.co.jp. Amazon's retail business also includes physical stores, such as Amazon Go and Amazon Books.
To learn more about Amazon here:
brainly.com/question/30086406
#SPJ4
The most basic question in an ethics-based management system is asking the question:
a) Is it balanced?
b) Is it legal?
c) Who will know?
d) Has it been done before?B
The most basic question in an ethics-based management system is asking the question: Is it legal. so the option b is correct answer.
The study of ethics, often known as moral philosophy, "involves systematising, defending, and endorsing conceptions of good and bad action," according to Wikipedia. Axiology is a subfield of philosophy that consists of the areas of ethics and aesthetics. These fields are concerned with issues of value.
Through the definition of terms like good and evil, right and wrong, virtue and vice, justice and crime, ethics aims to answer concerns about human morality.
Moral philosophy has connections to value theory, descriptive ethics, and moral psychology as areas of academic study. The Ancient Greek term thikós, which means "related to one's character" and is derived from the root word êthos, which means "character, moral nature," is the source of the English word ethics.
learn more about ethics-based management system here
https://brainly.com/question/30588828
#SPJ4
Which of the following is not a part of an integrity-based ethics code?a) Defines an organization's guiding principlesb) Supports ethically sound behaviorc) Emphasizes strong penalties for wrong-doersd) Stresses shared accountability
c)Emphasizes strong penalties for wrongdoers is not a part of an integrity-based ethics code.
An integrity-based ethics code: what is it?A code of conduct that is founded on integrity identifies the guiding principles of a company while allowing employees to interpret and specify how they will internalize these principles and conduct themselves ethically.
What do the five codes of ethics entail?It is broken down into three parts and supported by the five guiding principles of Integrity, Objectivity, Professional Competence and Due Care, Confidentiality, and Professional Behaviour.
An ethics code built on integrity has the special focus of (a) shared accountability among employees. (A) Employees sharing responsibility. An organization establishes codes of conduct, and its employees are expected to abide by them. Different codes of conduct exist, some of which may be based on a company's basic principles.
To know more about ethics code visit:
https://brainly.com/question/30626382
#SPJ1
Taxes associated with medicare is applied to ______ earned income
The taxes associated with Medicare are applied to all earned income, including wages, salaries, and self-employment income.
The current Medicare tax rate is 2.9% of earned income, which is split equally between the employee and the employer for those who are employed. For self-employed individuals, they are responsible for paying the full 2.9% of their earned income as part of their self-employment taxes. Additionally, there is an additional 0.9% Medicare tax on earned income above certain thresholds for high-income earners.
Medicare Part A, which provides hospital insurance to seniors and persons with disabilities, is funded in part by the Medicare tax, which is routinely withheld from your salary. Employers and employees both contribute 1.45% of the employee's income towards the overall tax. Self-employed people pay the tax with their quarterly files, and those with significant incomes pay a somewhat larger percentage.
For more such questions on tax
https://brainly.com/question/30157668
#SPJ4
Adjusting entries are needed to correctly measure the _______________.
A. net income (loss) on the income statement.
B. ending balance in the Cash account.
C. net income (loss) on the balance sheet.
D. beginning balance in the Cash account.
Option (a), To accurately assess the net income (loss) on the income statement, adjusting inputs are required.
How much of an adjustment affects net income?Yes, each adjusting entry has an effect on the total amount of net income generated over the period. Because they are managed in a way that ensures revenues and expenses are recorded during the proper period, all adjusting entries have an effect on either a revenue or an expense account.
What explains why entries need to be revised at the conclusion of an accounting period?A single transaction may affect revenues or expenses in more than one accounting period, therefore adjusting entries are necessary because not all transactions throughout the period were recorded.
Learn more about net income: https://brainly.com/question/15570931
#SPJ1
In the U.S., shoe sizes are defined differently for men and women, but in Europe, both genders use the same shoe size scale. The accompanying histogram shows the European shoe sizes of 269 male and female college students, converted from their reported U.S. shoe sizes.
a) Describe the shape.
b) How many modes does the histogram have? What might explain that?
The average size of women's shoes in American units is 8.73.
The standard deviation is 1.40 in American units.
The mean size for women was 38.73, with a 1.75 standard deviation. European units are used to express this size.
We must apply the following equation to convert to US units:
Euro size * 0.7987 -22.2 U.S. size
If we apply the characteristics of the expected value, the mean is as follows when stated in US units:
[tex]& \text { Property }: E(y)=E(a x+b)=a E(x)+b \\& E(y)=0.7987 E(x)-22.2 \\& E(y)=0.7987 \times 38.73-22.2 \\& E(y)=8.73[/tex]
We employ the characteristics of variance to determine the standard deviation:
[tex]& \text { Property }: V(y)=V(a x+b)=a^2 V(x) \\& \sigma_y=\sqrt{a^2 V(x)}=a \sigma_x \\& \sigma_y=0.7987 * 1.75=1.40[/tex]
For such more question on standard deviation
https://brainly.com/question/24298037
#SPJ4
Franchises are expanding internationally to access additional ___that have new customers and to increase their profit potential
Franchises are expanding internationally to access additional "market" that have new customers and to increase their profit potential.
The Franchise is the term in the business and refers to those individual who invested their money into any company and become that company's franchisor or investor. The investor will get profit at the end of the year.
The franchisor become the co-partnership of the company, any new strategy and implement should be tell to the investor or franchisor. The franchises are of many types like business, retail, distribution, multi unit franchise and so on.
To know more about Franchises here,
https://brainly.com/question/29376853
#SPJ4
What is the most common percentage for calculating uncollectible accounts receivables?
According to previous experience, 1 percent of accounts receivable that are less than 30 days old and 4 percent of account receivable that are at least 30 days old will be uncollectible.
Is there a typical credit balance in the account allowance for uncollectible accounts?The normal balance of the allowance for doubtful accounts is a credit balance due to the fact that it is a contra asset account. Therefore, credit entries increase the amount in an allowance for doubtful accounts journal entry, while debits decrease the amount in this account.
Because it is a credit account, the allowance for doubtful accounts can be either negative or zero. It records an increase or decrease in the value of liabilities. The company will debit the bad debt amount and credit allowance for doubtful accounts at this point because it is of the opinion that it is unlikely to receive all or a portion of the outstanding amount.
To learn more about uncollectible accounts visit:
https://brainly.com/question/14413061
#SPJ4
Which one of the following is not one of the 5 competitive factors that impact both Internet Sales and Wholesale Sales of branded footwear? a. The appeal of celebrities endorsing a company's brand b. The S/Q ratings that the International Footwear Federation assigns to each company's branded footwear c.Search engine advertising d. The number of models/styles that companies include in their product lineups e. Company image ratings/brand reputations
The term that is not one of the 5 competitive factors that impact both Internet Sales and Wholesale Sales of branded footwear is c.Search engine advertising.
What is Search engine advertising?Businesses can utilize search engine advertising (SEA), an internet marketing strategy, to broaden their customer base and boost sales. Paid advertisements can be published on search engines so their visibility on the first page of search results is given priority.
The practice of promoting websites by making them more visible in search engine results pages, primarily through paid advertising, is known as search engine marketing.
Therefore, option C is correct.
Learn more about Internet at:
https://brainly.com/question/27003790
#SPJ1
the perceived demand for a monopolistic competitor
The perceived demand for a monopolistic competitor refers to the level of demand for a product or service that a monopolistic competitor believes exists in the market.
A monopolistic competitor has some level of market power, as they offer a unique product or service that is differentiated from their competitors, but they still face competition from other firms in the market.
The perceived demand for a monopolistic competitor is influenced by several factors, including consumer preferences and behavior, market trends, and the overall economic environment. The monopolistic competitor must continuously monitor and analyze these factors in order to make informed decisions about pricing, production, and marketing.
If the monopolistic competitor overestimates the perceived demand for their product or service, they may price it too high and potentially lose customers to competitors. On the other hand, if they underestimate the perceived demand, they may miss out on potential profits.
You can learn more about perceived demand at
https://brainly.com/question/29655644
#SPJ4
if marco decides to buy a company in a foreign country in order to expand internationally, this would represent
A. a foreign subsidiary
B. exporting
C. a subsidized foreign venture
D. a lincensing agreement
E. a joint venture
If Marco decides to buy a company in a foreign country in order to expand internationally, this would represent "a foreign subsidiary" The correct option is A.
The foreign subsidiary is the company whose branch is established outside the country of origin. The financial contribution of the non-EU country directly or may be indirectly which is limited to the more than one companies or industries.
The global expansion or the buy a company in a foreign country in order to expand internationally through the consider international trade as a growth opportunity, investigate franchising for the global expansion, develop the master international marketing plan and so on.
To know more about foreign subsidiary here,
https://brainly.com/question/29349228
#SPJ4
Which step of business process management allows managers to create a continually improving process? Multiple Choice O Step 3: process execution O Step 1: process design O Step 5: process optimization O Step 4 process monitoring
The step of business process management which allows managers to create a continually improving process is step 5: process optimization
Process optimization is a step in business process management that focuses on improving the efficiency and effectiveness of business processes. It involves analyzing the current process to identify bottlenecks, inefficiencies, and opportunities for improvement. The ultimate goal of process optimization is to streamline the process to achieve better results in terms of cost, quality, speed, and customer satisfaction.
The process optimization step typically involves the following key activities:
Process analysis: This involves analyzing the process to identify areas for improvement, such as bottlenecks, waste, duplication, or unnecessary steps.Process redesign: This involves redesigning the process to eliminate inefficiencies and improve performance. This may involve simplifying the process, automating certain steps, or reorganizing the workflow.Process implementation: This involves implementing the redesigned process, which may involve training employees on the new process or investing in new technology or equipment.Process monitoring and control: This involves monitoring the process to ensure that it is performing as intended and making any necessary adjustments or modifications to maintain optimal performance.Learn more about process management here:
https://brainly.com/question/25453419
#SPJ4
which account is more likely to have penalties for frequent withdrawals?
The answer is, the accounts that They have charged more to their account than they have available, is more likely to have penalties for frequent withdrawals.
What distinguishes penalties from punishment?A fine is a sum of money that a court orders someone to pay as a penalty or punishment. Punishment, on the other hand, is retaliation against someone for disobeying the rules of a particular act. A penalty is imposed for breaking a specific law, rule, or contract, whereas a fine is imposed for committing a crime or offence.
Why is a fine a punishment?When the prosecution in a case is finished, the court may impose payment of a fine, which is a monetary amount. Penalties, on the other hand, are meted out when someone violates the terms of a certain act but do not require legal action.
To know more about Penalty visit:
https://brainly.com/question/30029167
#SPJ1
Supply refers to _____
A. What producers offer for sale at given price
B. What the industry is prepared to produce
C. What producers offer for sale at optimum price
D. What producers offer for sale at all time
Supply is the amount of a product that would be offered for trade at all possible prices in the request. Option D, What directors offer for trade at all time.
Supply in economics is defined as the total quantum of a given product or service a supplier offers to consumers at a given period and a given price position. It's generally determined by request movement.
budget will be determined by factors similar as price, the number of suppliers, the state of technology, government subventions, rainfall conditions and the vacuity of workers to produce the good.
Factors affecting force include:
price of goods, price of affiliated goods, product conditions, future prospects, input costs, number of suppliers, and government policy.To know more about Supply,
brainly.com/question/14428637
#SPJ4
The net profit margin ratio is calculated by dividing net income by ______ sales revenueTotal salesProfit Marginnet profit margin
By divide net profits with net sales, one may get the net profit margin. To convert the result to a percentage, divide it by 100.
How Do Net Sales Work?The total of a company's net sales is its gross sales less any cancellations, allowances, and discounts. Externally, total sales numbers are not always obvious. They can frequently be taken into account when calculating top line revenues that are shown on the net income.
What is the name of net sales?Net sales are the total sales generated by a company during a certain time period after deducting sales returns, reductions, and sales allowances. When appearing on an income statement, net revenue may be alluded to as "net revenue" or simply "sales."
To know more about net sales visit:
https://brainly.com/question/30532417
#SPJ1
What is the primary purpose of the management process?
The primary purpose of the management process is to achieve organizational goals and objectives in an efficient and effective manner.
Management is the process of planning, organizing, directing, and controlling the resources of an organization to achieve its goals. The management process is carried out by managers at all levels of an organization, from front-line supervisors to top executives.
The key objectives of the management process include:
To coordinate the efforts of employees towards common goals.To ensure that resources are used effectively and efficiently.To make decisions and take actions that support the organization's goals and objectives.To monitor and evaluate the performance of the organization, and make changes as needed.To provide direction and guidance to employees, and to foster a positive work environment.You can learn more about management process at
https://brainly.com/question/25453419
#SPJ4
Karen and Anika are owners of a new personal assistant service called Assist You 2. They live in an area populated by single professionals, small local business owners, retired senior citizens, and families with little kids. For Karen and Anika, each of these groups, or segments, is a potential what?
The answer is option a. Market Segment. According to the question, They live in an area populated by single professionals, small local business owners, retired senior citizens, and families with little kids, therefore every group is a market segment for their Service.
What do you mean by market?The entire number of buyers and sellers in the area or region under consideration is referred to as a market. The value, cost, and price of goods traded are determined by the forces of supply and demand in a market.
What types of markets are examples of?A market is any location where producers, wholesalers, or merchants offer their products for sale and where customers can make purchases. Websites, high streets, and stores are some examples. The phrase can also be used to describe the entire group of people that purchase a good or service.
To know more about Market visit:
https://brainly.com/question/13414268
#SPJ1
All economic systems have to answer the following questions. What goods should be produced? How should the goods be produced? For whom should the goods be produced?
Why must these questions be asked?
a. The opportunity cost of specialization is high.
b. There is inequality in the distribution of resources.
c. There are unlimited wants and limited resources.
d. The forces of supply and demand are unreliable.
Option c is correct. You have limitless desires and limited resources. A society's or a specific geographic area's system of production, resource allocation, and distribution of products and services is known as an economic system or order.
It includes the combination of various institutions, authorities, units, decision-making processes, and consumption patterns that make up the economic structure of a particular community.
The economic system is a kind of social system. Production mode is a related concept. Every economic system has to face and solve the following four fundamental economic problems.
Type and quantity of products to be produced:
This fundamental economic problem is rooted in the theory of price formation. In this context, the theory of price formation is concerned with economic decision-making between the production of capital goods and consumption goods in economies facing resource scarcity. In this context, a critical assessment of societal needs based on demographics with respect to age, gender, occupation and geography is of great importance.
Know more about economic system here:
https://brainly.com/question/4123389
#SPJ4
Are intermediate goods and services included in GDP?
No, intermediate goods and services are not included in GDP (Gross Domestic Product).
GDP is the total value of all final goods and services produced within a country's borders in a given period of time, typically a year. Intermediate goods and services are those that are used as inputs in the production of other goods and services. Since they are not sold directly to consumers, they are not included in the calculation of GDP.
Only final goods and services, which are purchased by consumers or the government for their own use, are counted in the GDP. This is done to avoid double counting, where the same product or service is counted multiple times in the GDP calculation.
For more such questions economics: brainly.com/question/17996535
#SPJ4