The major determinants of price elasticity of demand includes Availability of Substitutes, Necessity of the Good, Proportion of Income Spent,Time Horizon, Habits and Addictions
The following factors play a significant role in price elasticity of demand: A item or service's demand will be more elastic in terms of price the more alternatives there are for it. Food and medication are examples of necessities that frequently exhibit inelastic demand, or desire that will not change even when costs rise. Luxury items, however, have more elastic demand because buyers are more inclined to cut back on their consumption as costs rise. The demand for an item or service will be more price-elastic if it makes up a significant amount of the consumer's budget.
The demand will be more elastic to price the longer the time period.
Habits and Dependencies: The demand for a commodity or service will be less price-elastic if it is addictive or habit-forming.
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A shift in the sales mix from high-margin items to low-margin items can cause total profit to ________.
A shift in the sales mix from high-margin items to low-margin items can cause total profit to decrease.
Why sales is more important than profit?When you get the money from the income, that is when profit is recognized. Profit is therefore reliant on both cash and revenue, whereas cash is reliant on revenue alone. As a result, businesses that demonstrate the ability to produce large amounts of cash flow are often valued higher even though they record low earnings.
This is because the profit margin on low-margin items is typically lower than that on high-margin items. As a result, when a company sells more low-margin items and fewer high-margin items, the overall profit margin decreases, which leads to a lower total profit.
This shift in sales mix can occur due to a variety of factors, such as changes in consumer preferences, competition, or market conditions. To mitigate the impact of a shift in the sales mix, a company may need to adjust its pricing strategy, product mix, or operational efficiencies to maintain profitability.
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What is a supervision report?
A supervision report is a formal document that summarizes the progress, achievements, and challenges of a supervised individual or team over a given period.
Supervision reports are commonly used in educational, healthcare, and social services settings to monitor the performance of students, interns, residents, or other trainees.
A typical supervision report have following components: Introduction: This section introduces the purpose of the report, the name and position of the supervisee, and the duration of the supervision period.
Goals and objectives: This section outlines the specific goals and objectives that were established for the supervisee at the beginning of the supervision period.
Activities and achievements: This section describes the specific activities and accomplishments of the supervisee during the supervision period, highlighting any notable achievements or areas of improvement.
Challenges and barriers: This section identifies any challenges or barriers that the supervisee faced during the supervision period, and discusses how these challenges were addressed.
Evaluation and feedback: This section provides an overall evaluation of the supervisee's performance, and includes constructive feedback on areas where improvement is needed.
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ABC analysis generally divides on-hand inventory into three classes based upon ______.
A) unit price
B) annual dollar value
C) item quality
ABC analysis generally divides on-hand inventory into three classes based upon C) item quality
What is ABC analysis?ABC analysis is a method in inventory management for categorising inventories in materials management. An inventory is divided into three groups using the ABC analysis: "A" items have very strict controls and precise records, "B" items have less strict controls but nevertheless good records, and "C" items have the most basic controls and the fewest records.
Hence the correct option is item quality.
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what is overstock and understock?
Overstocking occurs when a corporation orders too much inventory and has too much stock. Understocking, on the other hand, occurs when a company does not have enough inventory to meet demand.
When a company has inventory issues, they could be making a variety of blunders. A company's inability to apply procedures or technologies, in addition to making frequent mistakes, can play a significant influence in over- or unde rstocking.
Many businesses fail to effectively manage their inventory, but you don't have to be one of them. When you understock, you expose yourself to a number of unpleasant consequences.
Understocking can affect your business by causing missed sales, missing out on promotions, and eroding client loy alty. Before you can take actions to reduce understocking, you must first understand the negative consequences of understocking.
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A successful TQM program incorporates all of the following except A) continuous improvement. B) employee involvement. C) benchmarking D) centralized decision-making authority. E) just-in-time.
A successful TQM program incorporates all of the following except centralized decision-making authority. Option D
Total Quality Management (TQM) is a comprehensive approach to management that seeks to optimize quality and efficiency in all aspects of an organization. TQM programs typically include the following elements: Continuous improvement: TQM involves a continuous effort to improve processes, products, and services.
Employee involvement: TQM recognizes that employees are a valuable source of ideas and expertise, and seeks to involve them in the improvement process. Benchmarking: TQM encourages organizations to compare their performance to that of other organizations in order to identify best practices and areas for improvement.
Just-in-time: TQM emphasizes the importance of timely delivery of products and services to customers, and seeks to minimize waste in all processes. However, centralized decision-making authority is not a component of TQM. Rather, TQM is characterized by decentralized decision-making and empowerment of employees to make decisions and take ownership of the quality improvement process.
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demand is external to the supply chain and thus is most uncertain at the ____
Demand is external to the supply chain and thus is most uncertain at the customer order cycle.
The external causes that cause demand to unexpectedly rise or fall are referred to as supply chain uncertainty. A public health emergency or even a sudden change in the tastes of the clientele could be the root of this predicament.
Numerous pieces of software assist businesses in forecasting demand and creating effective production and supply chain plans. Supply chain ambiguity The work of Davis provides one of the earliest examples of how uncertainty influences the management of supply networks (1993). Demand, process, and supply uncertainty are the three causes of uncertainty that Davis claims "plague" supply networks.
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The decline of the full-service wholesale houses CANNOT be traced toa. competition from the marketing departments of large manufacturers.b. many industries adopting the "continuous process" manufacturing.c. the rise of brand identity.d. All of the above are correct.e. Only a and c are correct.
The correct answer to the question above is option D. "All of the above are correct."
The decline of the full-service wholesale house:The rise of brand identityCompetition from marketing departments of large manufacturersMany industries adopt the "continuous process" manufacturingA full-function wholesaler is a wholesaler offering a complete range of services including selling, buying, storage, sorting, transporting, financing, and providing market feedback risk-taking. Three categories of wholesale trade:Manufacturers' sales branches and officesmerchant wholesalersAgents, brokers, and commission merchantsLearn more about Wholesale at: https://brainly.com/question/28256108
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the majority of products and services are likely to satisfy on?
BOTH psychological and practical requirements.
The corporation must identify the proper BALANCE of functional and psychological needs that best appeals to its target demographic in order to successfully advertise a product.
Who provides the goods and services that satisfy consumers needs and wants?A product is anything that can be supplied to a market in order to satiate a customer's need or desire. In marketing, a product is an item, system, or service that is made accessible for consumer usage in response to consumer demand.
For instance, a car wash might provide complimentary interior vacuuming with each purchase. It's a feature that satisfies the requirement to clean the automobile while also improving the final experience for the customer. Discounts for additional purchases made at that time or on the next purchase are occasionally included in inclusions.
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Which of the following statements describe why accrual accounting better reflects a business's performance? (Check all that apply) Revenues are recorded in the period in which they are earned. Expenses are recognized in the period in which they are incurred. It provides a better focus and understanding of how cash is spent and why it is received Comparability of financial statements is improved,
The greater comparability of financial statements is one benefit, and the following reasons are why accrual accounting more accurately depicts a company's performance.
What is accrual accounting?In financial accounting, accruals relate to the recording of revenues that a company has generated but has not yet been paid for and expenses that a firm has incurred but has not yet paid.
The matching principle, which states that revenues should be recognized when earned and expenses should be matched at the same time as the recognition of revenue, is likewise supported by this approach.
Cash accounting is different from accrual accounting. Cash accounting records income and expenses as they are paid and received. Contrarily, accrual accounting does not directly take into account when cash is received or paid.
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The ____ costs of using owned resources are implicit costs.
The opportunity costs of exploiting owned resources are implicit costs. Implicit costs are a special kind of opportunity cost: they represent the cost of the company's existing resources.
This could have been used in another way. For example, an entrepreneur who runs a firm might use her labor to make revenue at a job. Any cost that has already occurred but isn't necessarily displayed or reported as a distinct item is known as an implicit cost.
It indicates an opportunity cost that develops when a corporation employs internal resources toward a project without any clear reimbursement for the exploitation of resources. Implicit costs are the production opportunities costs that do not call for a monetary payment.
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who is ceo was the youngest when their company made it to the fortune 500?
Mark Zuckerberg is the youngest CEO of the Fortune 500. Mark Elliott Zuckerberg is an American businessman, internet entrepreneur and philanthropist.
Mark Zuckerberg is best known as the co-founder of the social media website and its parent company, Meta Platforms, and is the company's chairman, chief executive officer, and majority shareholder.
Zuckerberg attended Harvard University and founded his website in February 2004 with roommates Eduardo Severin, Andrew McCallum, Dustin Moskovitz, and Chris Hughes. Initially launched for select college campuses, the site quickly expanded, eventually reaching beyond universities, and by 2012 he reached 1 billion users. Zuckerberg took the company public in May 2012. In 2007, at the age of 23, he became the youngest billionaire in the world. He has used his funds to organize several charities, including the Chan Zuckerberg Initiative.
Since 2008, Time magazine has included Zuckerberg among his 100 most influential people in the world as part of the 2010 Person of the Year Awards. In December 2016, Zuckerberg was ranked his 10th on Forbes his list of the world's most influential people. In his 2022 list of the richest Americans in the Forbes 400, he has a net worth of $134.5 billion in 2021, compared to his status as the third-richest American with his $577.
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alice, who has left her job in new york, is moving to atlanta and looking for a job. in terms of employment status, alice can most accurately be described as ...a. involuntarily unemployed b. cyclically unemployed c. seasonally unemployed d. frictionally unemployed e. not in the labor force
Alice, who has left her job in New York and is moving to Atlanta to look for work, can most accurately be described as d. frictionally unemployed.
Unemployment is the state of being able to work, actively looking for job, yet unable to do so. It is crucial to remember that a person must be actively seeking payed employment in the labour force in order to be termed unemployed.
Frictional unemployment refers to the temporary unemployment that occurs as individuals are in the process of searching for a new job. In this case, Alice has left her job in New York and is now searching for a new one in Atlanta, which would make her frictionally unemployed.
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On november 1, the company rented space to another tenant. A check in the amount of $9,000, representing three months' rent in advance, was received from the tenant on that date. The payment was recorded with a credit to the unearned rent revenue account.
When a tenant pays rent in advance, the payment represents revenue that has not yet been earned. In accounting terms, this type of revenue is referred to as unearned rent revenue.
In this case, when the tenant paid $9,000 on November 1, the payment was recorded with a credit to the unearned rent revenue account. This means that the company's unearned rent revenue account was increased by $9,000, reflecting the fact that the tenant had paid rent in advance.
Each month, as the company earns the rent revenue, a portion of the unearned rent revenue account will be transferred to the earned rent revenue account. This process is called recognizing revenue, and it ensures that the company's financial statements accurately reflect the revenue that it has earned and the revenue that it expects to earn in the future.
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The difference between a nominal variable and a real variable is that:________
The difference between a nominal variable and a real variable is that: a nominal variable is a categorical variable, whereas a real variable is a continuous variable that can take on any numerical value within a given range.
The difference between a nominal variable and a real variable is quite distinct. A nominal variable is a categorical variable, meaning it is used to identify a particular group or category. It does not have any numerical value and is often used to classify data.
On the other hand, a real variable is a continuous variable that can take on any numerical value within a given range. It is used to measure and quantify the data, and is often used in mathematical equations.
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Drag the tiles to the boxes to form correct pairs.
Match the different fiscal policies of the government and their impact on the society.
consumer spending decreases
budget reflects a deficit
less development in roads and hospitals
consumers are able to save more
government follows contractionary policy
arrowRight
government decides to increase taxation
arrowRight
government follows expansionary policy
arrowRight
government decides to reduce tax rates
This policy is contractionary, as it reduces the amount of disposable income available to consumers and businesses, which reduces spending and economic growth.
What are the fiscal policies ?The impact on society is that consumers and businesses have less money to spend and invest, which can lead to lower demand for goods and services and higher unemployment.
Government follows expansionary policy:
This policy involves increasing government spending, reducing taxes, or both, with the goal of stimulating economic growth.
The impact on society is that consumers and businesses have more money to spend and invest, which can lead to increased demand for goods and services and lower unemployment.
Government decides to reduce tax rates:
This policy is expansionary, as it increases the amount of disposable income available to consumers and businesses, which can increase spending and economic growth.
The impact on society is that consumers and businesses have more money to spend and invest, which can lead to increased demand for goods and services and lower unemployment.
budget reflects a deficit:
This means that the government is spending more money than it is collecting in revenue.
The impact on society is that the government may have to borrow money to finance its spending, which can lead to higher interest rates and reduced economic growth.
less development in roads and hospitals:
This means that the government is spending less money on infrastructure and public services.
The impact on society is that the quality of roads and hospitals may decline, which can negatively affect public health and transportation .
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This policy is contractionary, as it reduces the amount of disposable income available to consumers and businesses, which reduces spending and economic growth.
Economic growth is a rise in the production of goods and services on a comparative basis between two periods of time. Either nominal or real measurements are acceptable.
Other measures are occasionally used, but gross national product or gross domestic product is the traditional way to quantify overall economic growth.
The economy experiences varying phases of activity. The "business cycle" is the name given to this motion. Expansion, peak, contraction, and trough are the four stages of economic growth.
Tax reductions often have less of an impact on economic growth than do increases in government spending. It seems improbable that economic progress would be sustained if the benefits flow only to a small few.
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Elena Fowler is applying for a loan from a bank. The bank knows she owns a house worth $160,000 and a car with a trade-in value of $12,000 as well as other personal assets worth approximately $44,000. Which one of the 5 Cs of credit is the bank looking at?
The bank is looking at Elena Fowler's collateral when considering her loan application. Collateral is one of the five Cs of credit, and it refers to the assets a borrower can pledge to secure a loan.
Collateral refers to the assets or property that a borrower offers as security for a loan.
The other 4 Cs of credit are Capacity (the borrower's ability to repay the loan), Capital (the borrower's net worth), Character (the borrower's credit history and reputation), and Conditions (the overall economic conditions and how they may affect the borrower's ability to repay the loan).
In this case, Elena Fowler owns a house worth $160,000, a car with a trade-in value of $12,000, and other personal assets worth approximately $44,000, which she can use as collateral for her loan.
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demand is elastic when a given change in price causes a relatively smaller change in quantity demanded.
The given statement "demand is elastic when a certain change in price causes a relatively smaller change in quantity demanded" is true because is correctly defines the concept of elasticity of demand.
Elasticity of demand refers to the responsiveness of quantity demanded to a change in price. When demand is considered elastic, a change in price causes a relatively larger change in quantity demanded, meaning consumers are sensitive to price changes. On the other hand, inelastic demand means a change in price causes a relatively smaller change in quantity demanded, meaning consumers are not as sensitive to price changes.
"
Complete question
demand is elastic when a given change in price causes a relatively smaller change in quantity demanded.
True
False
"
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Scott Weisberg feels his job at Wendy’s includes all the following except
a) serving a senior leadership team member who makes strategy decisions.
b) serving as a manager of the human resources leadership team.
c) serving as a function leader who supports an agenda to assist franchisees and business partners in the company.
d) supervising the Board of Directors.
e) being a confidant to the CEO.
The following options that not included as a Scott Weisberg's feeling at Wendy’s is d) supervising the Board of Directors.
In the term of business and economy, A board of directors generally can be defined as a group of people who represent the interests of a company's shareholders. A board of directors provides advice to an organization's CEO and also guidance through the executive team. The board of directors being an important part of business that has a role to hire the CEO or general manager of the business and assess the overall direction and strategy of the business.
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a. Move the supply and/or demand curve to illustrate how an across the board cut in the price of all apps on the Apple App Store affects the market for iPhones. b. Move the supply and/or demand curve to illustrate howa decrease in the price of Samsung's current Galaxy smartphone impacts the market for iPhones. ,000 1,000 700 700 Qantity( millions) Qnity(s mon The shift in a is due to a change in the price of a: The shift in b is due to a change in the price of ac
To show how a uniform reduction in the cost of all apps available through the Apple App Store will impact the market for iPhones, adjust the supply and/or business cycle.
How do you launch a tiny company?
There are many various approaches to beginning your own company, but before choosing one, it's critical to take into account your business concept, how much energy you have available, how much time it will need, and how much money you would like to invest. Follow along to discover how to launch a small business to help remove the element of guesswork from the procedure.
How difficult is it to launch a business?
A lot of effort is required to launch a firm. Simply said, the quantity of paperwork, legal procedures, and strategic planning can be intimidating. But if you don't put in the work, it will be difficult to develop your concept into a profitable enterprise. Nevertheless, our goal is not to intimidate you into giving up on entrepreneurship.
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What is one reason to keep detailed patient records?
• A. To justify a breach of duty when it is called for
•
B. To have proof that the patient consents to treatment
•
C. To share them publicly if the patient becomes problematic
•
D. To help protect against malpractice cases and damages
The one reason to keep detailed patient records is To have proof that the patient consents to treatment. Thus the correct option is B.
In cases of medical negligence, the records of the patient give a precise and understandable description of a patient's medical history, treatments, and progress. This act is evidence that the given treatment is with the consent of the patient.
By serving as a foundation for ongoing assessments, planning, and evaluations of patient's health status, thorough records can guarantee that patients receive the best care available.
Therefore, option B is appropriate
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A competitive firm currently produces and sells 500 units of output. Its total revenue is $6,000; the marginal cost of producing the 500th unit of output is $14. 50; and the average total cost of producing the 500th unit of output is $9. 50. Is the firm maximizing its profit, or should it increase or decrease output in order to increase its profit?.
Therefore, the firm must amplify its output in order to maximize its profit.
Should a company make bigger output when it makes a profit?When the marginal income equals the marginal cost, the association maximises its stage of profits. Since profit is the basic goal of a firm, therefore the firm need to expand the output in order to expand the profits.
In economics, income maximization happens when there is a most hole between whole revenue (TR) and the complete price (TC). In other words, it occurs when the marginal income of production is equal to or extra than its marginal cost.
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https://brainly.com/question/28253283#SPJ4T/F : in value-chain analysis, primary activities include human resource management and procurement.
True; value-chain analysis support operations include procurement, technological development, human resource management, and general administration.
What are the main actions involved in value chain analysis?The value chain framework includes five core activities: inbound operations, operations, outward logistics, marketing and sales, and service, as well as four auxiliary activities: procurement and buying, human resource management, technical development, and firm infrastructure. The first step in performing a value chain analysis is to understand all of the primary and secondary actions that go into the development of your product or service. If your firm sells a variety of items or services, you must go through this process for each one.
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Suppose that a tax is placed on books, If the buyers pay the majority of the tax, then it is known that the _____.a. demand is more inelastic than the supplyb. supply is more inelastic than the demandc. government has required that buyers remit the tax paymentsd. government has required the sellers remit the tax payments
Suppose a tax is levied on the books. If buyers pay most of the tax, demand is known to be more inelastic than supply. Option A is correct.
What is inelastic demand?Corresponds to the situation where demand is not influenced by price, that is, consumers are less sensitive to changes in the price of a good and demand does not change if prices rise.
Therefore, in a situation of inelastic demand, the imposition of taxes will generally fall more significantly on the consumer than on the seller.
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what company has spent the most money on super bowl advertisements of all time?
The company that has spent the most money on Super Bowl advertisements of all time is Amazon.
What is an advertisement?Advertising, sometimes referred to as an advert or ad, is typically seen as a form of public discourse that supports a good, service, organization, or event.
Some people may view the phrase as going even further than that, encompassing any form of sponsored advertising intended to inform or persuade.
Amazon, which spent 32 million dollars to advertise its goods, took the top spot among advertisers.
Therefore, Amazon is the business that has always spent the most on Super Bowl commercials.
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how identify the features of cryptocurrency that are different from standard forms of currency, such as the dollar or the euro.?
Cryptocurrencies have several features that distinguish them from standard forms of currency like the dollar or the euro. Here are some of the key differences:
Decentralization: Cryptocurrencies are decentralized, meaning that any government or financial institution does not control them. Instead, they are powered by a decentralized network of users who verify transactions on a blockchain.
Digital-only: Cryptocurrencies are entirely digital and exist only in the form of computer code. They do not have a physical form like cash or coins.
Security: Cryptocurrencies are secured by cryptography, which makes them difficult to counterfeit or double-spend. Transactions are validated by a network of users, adding an extra security layer.
Volatility: Cryptocurrencies are known for their volatility, with prices often fluctuating wildly in a short period. This is because they are not tied to physical assets or governed by central authority.
Overall, cryptocurrencies offer a new and unique way to transfer value and make transactions. However, they are not yet widely accepted as a form of payment, and there are still some challenges to overcome regarding regulation, security, and usability.
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accruals recorded in the salaries and wages expense and salaries and wages payable accounts represent salaries and wages. true or false ?
The given statement " accruals recorded in the salaries and wages expense and salaries and wages payable accounts represent salaries and wages. " is True.
Accruals recorded in the "Salaries and Wages Expense" and "Salaries and Wages Payable" accounts typically represent salaries and wages owed to employees but not yet paid or earned but not yet recorded as an expense.
The "Salaries and Wages Expense" account is used to record the cost of salaries and wages incurred in a specific period, while the "Salaries and Wages Payable" account is used to track amounts owed to employees for work already performed but not yet paid.
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Which of the following is most likely to be a complement to coffee?
a) decal coffee
b) baked beans
c) tea
d) creamer
Option d is the correct option.
creamer is most likely to be a complement to coffee. Creamer is a type of dairy or non-dairy product that is used to enhance the flavor and texture of coffee. It is often used to sweeten and add creaminess to coffee, making it a popular complement to the beverage.
Sugar, water, and oil are used to make dairy-free coffee creamer. Creamers frequently have flavours and a variety of additional additions, such as gums and carrageenan. They are occasionally known as coffee whiteners.
Unlike milk, coffee creamer has calories and fat. In contrast to milk, coffee creamer contains extra substances (such as sugar, artificial flavours, and colorings). In contrast, milk has less sugar and fat than creamer and also has protein and vitamins and minerals like calcium and potassium.
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What is the cash flow from operating activities quizlet?
The amount of money a firm earns from its continuous, regular business operations is known as cash flow from operating activities.
The amount of money a business makes from its continuous, regular business operations, such as producing and selling products or offering clients a service, is known as cash flow from operating activities. On a firm's cash flow statement, it is always shown as the first part.
When utilising this method, the direct method and the indirect method will both produce the same net cash flows from operational activities. Cash is used for purchasing materials needed to produce things for resale and to provide services. Employees are paid in cash for their services. Cash payments are regarded as grantor operating operations. Monetary payments for operating transactions with semi external parties.
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what is asset liability equity
An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit. A liability is something that an individual, corporation, or country owes or is responsible for. Examples of liabilities include loans, mortgages, and accounts payable. Equity is the difference between the value of an individual's or company's assets and liabilities.
Equity is the difference between the value of an individual's or company's assets and liabilities. It represents the amount of money that would be left over if all assets were sold and all liabilities were paid off. Equity is also known as shareholder's equity or owner's equity. Examples of assets include cash, investments, property, and inventory. Examples of equity include shares of stock, partnership interests, and retained earnings.
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how has walmart staked out a unique strategic position?
By cutting costs to offer lower prices than competitors, Walmart created a distinctive strategic position.
What is Walmart?With its headquarters in Bentonville, Arkansas, Walmart Inc. is a global American retail company that runs a chain of hypermarkets (also known as supercenters), cheap department stores, and grocery stores in the United States. Sam Walton and James "Bud" Walton established the business in the nearby Arkansas town of Rogers in 1962, and on October 31, 1969, it was officially incorporated under the laws of Delaware.
Additionally, it owns and runs retail warehouses for Sam's Club.
Walmart established a distinctive strategic position by reducing expenses to provide lower pricing than rivals.
Walmart's primary competitive advantage is that it offers products at lower prices than its rivals.
Their guiding principle is "everyday low pricing," and their catchphrase is "We save people's money so they may live better."
Therefore, by cutting costs to offer lower prices than competitors, Walmart created a distinctive strategic position.
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