When a company buys a good or service from a third party rather than managing it itself, that practice is known as outsourcing. As a small business, outsourcing enables you to accomplish more by delegating crucial jobs and procedures to experts without having to significantly expand your full-time staff.
<h3>What is a good illustration of outsourcing?</h3>
- The best instances of outsourcing are in advertising, office and warehouse cleaning, and website creation. The majority of business owners assign control to outside professionals for tasks like bookkeeping, maintenance, and hiring. This makes it easier for businesses to concentrate their resources on their primary operation.
- Contracting out business operations and processes to outside vendors is known as outsourcing. The advantages of outsourcing can be significant, ranging from cost reductions and increased efficiency to a stronger competitive advantage.
- Companies frequently outsource in order to reduce costs, increase efficiencies, and accelerate processes. To achieve these advantages, businesses that choose to outsource rely on the third-party suppliers' experience carrying out the tasks they have chosen to contract out.
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Answer:
Items included in GDP
Judy's purchase of potatoes
The purchase of the two fighter jets
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Net export = exports – imports
Items not included in the calculation off GDP includes:
1. services not rendered to oneself
2. Activities not reported to the government
3. illegal activities
4. sale or purchase of used products
5. sale or purchase of intermediate products
Judy's purchase would be included as part of consumption spending by households on non durable items.
The purchase of the tires would not be included in the calculation of GDP because the tires are intermediate goods. Only final goods are included in the purchase of GDP
The purchase of the two fighter jets would be included in GDP as part of government spending
the $100 gift would not be included in the calculation of GDP
Answer:
Investment
Explanation:
To invest is to allocate money in the expectation of some benefit/return in the future.
Answer:
The correct answer is all of the above
Explanation:
Scrap or the rework costs are the costs which is incurred in order to repair the items that are defective. And the decision to rework or scrap an item or product, ground on the benefits or advantage of the incremental costs.
If the reworked units generate or yield greater advantage or benefit rather than the selling them as scrap, then the decision to rework will be considered.
And if the decision of rework is taken, then the management should consider the incremental costs, revenue or profit from selling the defective units as scarp and the lost profit on selling and making the new units while the rework is performed.
