Businesses/producers make the goods and services that exist in the economy. Producers create goods or services that are available for consumers to purchase so that they are making a profit. Consumers need to be interested in the goods or services available so that the companies stay in business and help drive the economy.
Answer:
By what percentage did the price of a dozen eggs rise?
- [($2.75 - $0.96) / $0.96] x 100 = 186.46%
By what percentage did the wage rise?
- [($21.26 - $14.28) / $14.28] x 100 = 48.88%
In order to earn enough to buy a dozen eggs, a worker had to work <u>4.04</u> minutes in December 2000 and <u>7.76</u> minutes in December 2015.
- ($0.96 / $14.28) x 60 = 4.04 minutes
- ($2.75 / $21.26) x 60 = 7.76 minutes
Workers' purchasing power in terms of eggs between 2000 and 2015.
- purchasing power in terms of eggs in 2000 = 14.875 dozens of eggs per hour
- purchasing power in terms of eggs in 2015 = 7.76 dozens of eggs per hour
The opportunity cost of studying economics for one hour in this context would be: <span>Watching two half-hour TV sitcoms
Opportunity cost refers to something that you have to sacrifice everytime one alternative is chosen. When the time is spent to study economics, the time available for you to watch tv will be gone.</span>
Answer:
Communist and socialist systems are the most noteworthy examples in which governments control facets of economic production. Central planning is often associated with Marxist-Leninist theory and with the former Soviet Union, China, Vietnam, and Cuba.
Answer:
$15,000
Explanation:
This can be calculated as follows:
Details Amount ($)
Increase in short-term notes payable 19,000
Decrease in long-term bonds payable <u> (4,000) </u>
Net cash flow from Financing Activities <u> 15,000 </u>
Therefor, net cash flow from Financing Activities $15,000.
