Three basic economic questions are -
- What to produce?
- How to produce?
- Whom to produce for?
Economists study how households and businesses interact to produce the goods and services people need. They look at the factors of production, such as land, labor, and capital, and how they are combined to produce goods and services. Essentially, economists try to answer three sets of questions:
- What goods and services should be produced to satisfy consumer needs?
- How much of this product do you need?
- When should you produce a report?
- What is the best way to produce goods and services?
- How should these products be produced, and what resources should be used to do so?
- Who should be the recipients of goods and services?
- How should the product be allocated among consumers?
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Answer:
E. Core; flexible
Explanation:
Georgia Crane is allowed to create her own work hours on a limited basis. She must be a work from 9 a.m. to 11 a.m. and 1 p.m. to 3 p.m. every day which represents CORE time, and we can choose which hours she will work between 8 a.m. and 6 p.m. around the required hours, which represents FLEXIBLE time. The total required time is eight hours per day.
Georgia Crane is required to work 8 hours in a day.
The core time is the time which is important for Georgia Crane to be at work every day, that is, from 9am to 11am( 2hours) and 1pm to 3pm(2 hours).
That is a total of 4hours.
She can choose between 8am to 6pm as flexible time.
Recall that she needs a total of 4hours more to complete her time for the day.
So 9am to 11am is fixed, 1pm to 3pm is also fixed.
Her total flexible hours for the day 8am to 9am( 1hour), or 11am to 1pm(2hours), or 3pm to 6pm(3hours).
Total flexible hours is 1+2+3=6hours
She is required to choose 4hours from the total flexible 6hours that is most convenient for her to work.
The correct answer is (a.) capital. The wealth that is earned, saved and loaned out to make a profit is called capital.Capital is also the money or wealth that an entrepreneur must have to produce services and good for the consumers.
Answer:
Equivalent units of Production = 46500 & 37800
Explanation:
At the start of October, Clonex Labs inc, started with 385000 units into production and at the end of the month it had completed 409000 units this means the difference between 409000 and 385000 is the number of units transferred to the next department (i.e 24000), now that we have computed this, we find ending work-in-process as follows:
Clonex Labs, Inc. Materials Conversion
Units transferred to the next department: 24000 24,000
Ending work in process :
Materials : 30000x75% 22500
Conversion : 30000x46% 13800
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Equivalent units of Production = 46500 37800
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There were a few factors that occurred in the 1950's to affect the economy such as automated loader and undercutting machines in the coal mines. The people of Appalachia depended on the coal mines for their incomes. Coal prices declined in the 1950's and this led to numerous lay-offs and people being unemployed with little jobs in the community.
