The amount of one thing that must be sacrificed in order to obtain more of the other good is known as the opportunity cost of switching from one efficient combination of production to another.
The value or advantage lost by selecting one activity over another is referred to as the opportunity cost in microeconomic theory. More specifically, it means that once you choose one activity, you can no longer choose another. The best activity is the one that, once opportunity costs are deducted, delivers the highest return in comparison to all other activities. For instance, if you possess a car that you use just for personal transportation, you are not permitted to rent it out, but if you do, you are not allowed to use it for personal transportation either. If the cost of transportation without a car is more than the cost of renting one,
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Economists view the fact that Florida grows oranges, Texas pumps oil, and California makes wine as Oa. confirmation of the infant-industry argument. O b. confirmation of the virtues of free trade. O c. confirmation that specialization in absolute advantage works. O d. confirmation that free trade agreements are not necessary.
The fact that California produces wine, Texas produces oil, and Florida produces oranges is seen as evidence of the benefits of free trade by economists.
California is a state on the west coast of the United States. It is the third-largest state in terms of area and has the most residents in the US, with over 39.2 million people living there in a total area of around 163,696 square miles. It ranks as the 34th most populous subnational entity on the earth and is the most populous in North America. The Greater Los Angeles Area and the San Francisco Bay Area are the second and fifth most populated urban areas in the US, with over 18.7 million and over 9.6 million inhabitants, respectively. The second-most populous metropolis in the US and the most populous city in the state is Los Angeles, which has its headquarters in Sacramento.
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How does the placement affect the hyper cycle?
Explanation:
The placement of robotics can makeother items in the hype cycle move to the peak of inflated expectations.
if a producer is not able to expand its plant capacity immediately, it is____
Factory expansion requires huge investments, and it takes time for all companies to make such investments. If producers cannot expand their factories, they will take short-term action.
The plant capacity is the saturation point. The maximum force a plant can produce. Fixed costs are constant costs. It does not change with the level of production of goods and services. Gross cost of production corresponds to variable cost of production. In the long run, all costs will fluctuate. Because in the long run you have enough time to convert all fixed inputs to variable inputs.
Therefore, total costs correspond to variable costs in the long run. Finally, marginal cost increases as production increases because the marginal product of labor decreases. Capacity factor: It is the ratio of the energy actually produced to the maximum energy that could have been produced in a given time period. The plant capacity factory gives the inverse capacity of the plant.
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In your teams, use the above guidelines to write a summary of the below interview. The interview subject
was a tax associate/accountant at PricewaterhouseCoopers. The interviewer was seeking information for
her portion of the Employment Outlook Report.
Remember that all team members must summarize their interviews. Collectively, these interviews should
all be an equal number of words written in a consistent style. Your team should also note any interesting
overlaps or surprising findings among all the interviews.
Original Interview Text. The U.S. Bureau of Labor Statistics gives similar job outlook projections for all
accounting and auditors. Similarly, the projected job growth is 13% with the mean salary falling around
$72,500.
Interview: Lucero Martinez, 22-years-old, tax associate/accountant at PricewaterhouseCoopers (PwC).
Q: What area of accounting is your focus in and what are some of the duties required?
A: My accounting focus area is tax accounting and in addition I have been working with the forensics team
as well. I assist in the administration of a settlement fund to compensate businesses that were affected
by the Deepwater Horizon oil spill of 2010. I am the primary reviewer and process Business Economic
Loss Claims, analyze variances between Profit & Loss statements versus Federal tax returns and make
calculations to determine compensation for claimants.
Q: Did your job require a specific level of education?
A: My specific job requires 150 credit hours including 30 advanced accounting hours. My firm
emphasizes the importance of a Certified Public Accounting license (which I am currently working on
obtaining).
Q: When you applied for your job was it in demand? Or is hiring more seasonal?
A: Accounting is always in demand! PwC specifically hired several interns and associates year-round! It's
an exciting field to be in!
Q: If you had any advice for future accounting professionals, what would it be?
A: Accounting isn't easy, but anything worth doing will not come easy! It's a great field to be in and
opportunities are endless so never be afraid to explore all of your options (government, public, academia,
industry accounting etc.). Talk to professionals, instructors, do internships, and learn. I recommend
reaching the State requirement of 150 credit hours to sit for the CPA. Obtaining this license will help you
advance your career at a faster pace! Attend socials because networking is key! Work hard and always
keep a positive attitude! Accounting is where you want to be. One thing for sure is that you will NEVER not
have a job in accounting.
IN A COMPUTER SCIENCE FIELD.
Instead of focusing on highlighting specific viewpoints or experiences, pay attention to clearly stating what was discussed in the interview.
How do you summarize an interview?Instead of going into specifics regarding viewpoints or stories, focus on giving a concise description of what was discussed in the interview. Instead of paraphrasing what the interviewee said, the summary should serve as a roadmap for what can be learned from the conversation.
10 Tips to Help You Get Ready for an Accounting Interview
Identify Your "Why" What makes you desire to work as an accountant? ... Review Your Basics. Several common accounting interview questions are as follows: ... Create stories.
Show up early.
Be specific, demonstrate your value, research the business, and study your field.
Inform the truth.
Take the interviewer's advice to heart.
Never disparage a professor, friend, job, or your university.
Keep an eye on your grammar.
Be ready to answer some personal queries.
Keep quiet until the interviewer brings up compensation and benefits.
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Pay attention to clearly stating what was discussed during the interview rather than concentrating on highlighting particular points of view or experiences.
How can an interview be summarized?Focus on succinctly describing the content of the interview rather than delving into specifics about points of view or narratives. The summary should be a roadmap for what can be learned from the conversation, not a paraphrase of what the interviewee said.
A structured conversation in which one participant asks questions and the other responds is known as an interview. A one-on-one conversation between an interviewer and an interviewee is referred to as an "interview" in common usage.
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Choosing to go to college over getting a job right out of high school is an example of a(n) _____.
A-fixed cost
B-opportunity cost
C-variable cost
D-none of the above
Choosing to go to college over getting a job right out of high school is an example of a(n) opportunity cost. Thus the correct option is B.
What does the opportunity cost?An opportunity cost refers to the surrender of any benefit over another thing. When an individual is stuck between a variety of options and chooses an alternative over available options reflects opportunity cost.
In the given case, as well as an individual chooses to go to college over getting a job in which he chooses an option between two represents elements of opportunity cost.
Therefore, option B is appropriate.
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What is pure market economy?
Explanation: This type of economic system was never really seen in practice before the Industrial Revolution.
What is NOT true of chicken and beef production? * 1 point a. More than seven times as much grain is required to produce 1 kg of beef than 1 kg of poultry. b. More than 1 calorie of energy is needed to produce 1 calorie of beef or chicken. d. The energy content of 1 kg of beef is equal to the energy content of 1 kg of poultry. d. Grain fed poultry and cattle are both primary consumers.
Option d, The energy content of 1 kg of beef is equal to the energy content of 1 kg of poultry.
The energy content of 1 kg of beef is generally greater than the energy content of 1 kg of poultry. Beef contains more fat, which has a higher energy content than protein. Additionally, it takes more energy to produce a kilogram of beef than a kilogram of poultry because of the differences in the feed and resources required to raise cattle versus chickens.
The other options are true: More than seven times as much grain is required to produce 1 kg of beef than 1 kg of poultry. More than 1 calorie of energy is needed to produce 1 calorie of beef or chicken. Grain-fed poultry and cattle are both primary consumers.
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What is the real definition of risk?
Risk is the idea of future uncertainty regarding departure from anticipated earnings or outcome. Risk is a measure of how much uncertainty an investor is willing to accept in order to make a profit from their investment.
Risk can be defined as the chance that anything negative will occur. Risk is uncertainty about how an action will affect something that people value (such as their health, well-being, wealth, property, or the environment), frequently focused on unfavorable outcomes.
Risks come in a variety of forms and come from various circumstances. Risks include those related to liquidity, sovereign risk, insurance, business, and default. The uncertainty caused by numerous elements that influence an investment or a scenario gives rise to a variety of hazards.
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Select all that apply.
Which of the following skills are important for job interviews?
thinking
writing
listening
speaking
Answer : Select all got 100% on edge
Answer:
the answer is all of the above.
Explanation:
because you need all of these traits in order to do job interviews.
Success in job interviews depends on a combination of skills, including thinking, writing, listening, and speaking. Each of these skills contributes to your ability to effectively respond to interview questions, demonstrate your competency, and highlight your suitability for the role.
Explanation:All of the skills listed - thinking, writing, listening, and speaking - are indeed important skills for job interviews. Thinking skills are important in order to logically and effectively answer the questions your interviewer is asking. Writing skills can be crucial in interviews, particularly if you're asked to complete a task or test.
Listening skills are critical because they indicate how well you pay attention to instructions and tasks. And finally, speaking skills are necessary to effectively communicate your thoughts, experiences, and ideas.
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Which of the following is central to the task of identifying the strategy-related issues and problems that ment the front-burner attention of company managers? O Doing a SWOT analysis and a competitive strength assessment O Deciding what strategic path to follow, setting stretch objectives, picking an appropriate strategic intent, and crafting a competitively powerful strategy O Deciding what to do-which strategic actions to take and which strategic moves to make O Drawing conclusions about how hard it will be for the company to achieve a sustainable competitive advantage and deciding what actions to take to overcome these obstacles and challenges O Compiling a "worry list of "how to...," "whether to ," and "what to do about...that serves as an agenda of strategically relevant issues/problems that managers need to address in crafting a refurbished strategy to fit the particulars of the company's external and internal situation
Doing a SWOT analysis and a competitive strength assessment is central to the task of identifying the strategy-related issues and problems that ment the front-burner attention of company managers.
What does SWOT analysis mean?
It is a strategic planning tool used to assess an organization's internal and external environment. It can help organizations identify and analyze their strengths, weaknesses, opportunities, and threats to aid in the development of future plans and strategies.The goal of a SWOT analysis is to gain insight into an organization's competitive position in the marketplace and to help guide decision-making. It can also be used to evaluate competitors and identify external factors that could affect a business.
What is a Company manager?
A company manager is a person who is responsible for overseeing the day-to-day operations of a business or organization. They are responsible for setting goals, developing strategies, monitoring progress, and ensuring that employees and other stakeholders are meeting the organization’s objectives. The manager must also be able to handle difficult situations, such as employee conflicts or customer complaints, and make sure that the company is running efficiently and effectively.
Therfore the correct option is A. Doing a SWOT analysis and a competitive strength .
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How do corporations make financial disclosures about the corporation at the end of the financial year? Who benefits from this disclosure?
At the end of the financial year, a corporation has to make a disclosure of its__________. These documents help
__________ to make informed choices.
At the end of the fiscal year, a corporation must make a disclosure of its financial situation. These documents help stakeholders to make informed choices.
What are the benefits of financial disclosures?By demonstrating its financial results at the end of the fiscal year, a corporation is able to create greater value for its stakeholders, such as its shareholders and customers, ensuring greater transparency about processes.
Financial disclosures also assist in compliance with legal compliance and help to gain more accurate knowledge of the company's real situation in terms of its finances, allowing for more effective decision-making.
Therefore, financial disclosures are capable of creating value for the company, attracting greater investment and business organization.
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Briefly describe why retailing is an effective component in the private enterprise system.
PLEASE HELP FAST
Buys products from a wholesaler and resells them to consumers or the product's end purchaser. Given that a large portion of our economy is driven by consumer spending, retail sales are a crucial economic indicator.
Consider all the people and businesses that are engaged in the manufacture, marketing, and sale of the products you use on a daily basis, such as food, clothing, gasoline, and so forth. Effective retail managers are well-versed in the goods and services they sell. It enables them to recommend products to economy when they are aware of the qualities and advantages of what they sell. A retail manager also informs their sales personnel of brand-new goods and services.
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The contribution uton margin per unit expressed as a percentage of the product's selling price is th A. Volume variance B. Margin of safety.
C. Contribution margin ratio. D. Break-even point. E. Rate of return on sales.
The contribution margin ratio is the contribution uton margin per unit represented as a proportion of the product's selling price.
Providing something as a part or share, such as through a donation or the provision of something (such money or time). Money is being gathered to support the scholarship fund. By contributing (anything, including cash, goods, or time) — generally + to or toward — someone, a group, a cause, or an organization, you can show your support. Contribution is the difference between revenue and variable production costs. Formulae: Contribution is equal to total income minus all variable costs. Contribution per unit is equal to the selling price per unit less variable costs per unit. The volunteers helped clean up the city during their free time. Everyone's support would be greatly appreciated as we work to raise funds for a new school. He didn't contribute anything to the project.
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The company announce a three-for-one tock plit. You will wind up with 1,500 hare after the plit. How many hare did you have before the plit?
You would have had 500 shares before the three-for-one stock split.
A stock split occurs when a company increases the number of shares outstanding by issuing more shares to current shareholders. In a
three-for-one stock split, for every one share a shareholder owns, they will receive two additional shares. This results in a tripling of the number of shares outstanding and a corresponding reduction in the per-share price of the stock. In the scenario provided, it is stated that you will wind up with 1,500 shares after the split. To determine the number of shares you had before the split, you can divide the number of shares you will have after the split by the split ratio. In this case, the split ratio is 3-for-1, so to find the number of shares before the split, you divide 1,500 by 3 which is equal to 500 shares.
It's worth noting that stock split doesn't change the underlying value of the company, the market capitalization of a company will remain the same before and after a split. Also, stock split is generally used by companies whose stock is trading at a high price per share, to make it more accessible to a larger number of investors.
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When launching a new clothing line, a company must focus primarily on the needs and wants of ______. Multiple choice question. competitors corporate partners consumers suppliers
When launching a new clothing line, a company must focus primarily on the needs and wants of c) consumers.
A consumer is a person or a group that isn't directly involved in entrepreneurial or business operations and who intends to order or uses bought particulars, products, or services primarily for particular, social, family, or ménage requirements. The expression is most constantly used to describe someone who makes purchases for their own use.
A consumer in an frugality purchases goods or services primarily for particular use rather than for resale or for marketable objects. guests spend plutocrat on products or services.
As a result, consumers are an essential element of any frugality and play a pivotal part in the profitable system of a commercial society. Without consumer demand, manufacturers wouldn't have one of their primary driving forces the desire to vend their goods to consumers.
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What are the main problems of an economy and how are they solved?
The conundrum of limited resources and insatiable wants is the core issue in economics. Additionally, economics has demonstrated that man's requirements cannot be met. As more of our requirements are met over time, we gradually create greater wants.
The social science of economics deals with the creation, exchange, and consumption of products and services. Economics is the study of how economies work as well as the behavior and interactions of economic actors. The study of microeconomics focuses on what are thought to be the fundamental components of the economy, such as the interactions that result from market and agent activity. Individual agents can represent a variety of clients, including homes, companies, buyers, and sellers. The study of the economy as a coexisting system of production, consumption, saving, and investment is known as macroeconomics. Additionally, it looks at the elements that have an impact on this system, including the use of labor, capital, and natural resources, currency inflation, economic expansion, and public policies .
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If an investor maintaining a short equity option is assigned an exercise notice, which of the following statements is true
Option D is correct, she must accept the exercise notice. Once exercised, a contract may not be traded to another individual. The assigned party must either deliver (for a call) or buy (for a put) the stock in two business days (regular way settlement for stock transactions).
What is Exercising Options?An American-style option holder has the choice to buy (in the case of a call) or sell (in the case of a put) the shares of stock that the option is based on.
Prior to doing so, they must instruct their brokerage company to send an exercise notice to OCC. Option holders must notify their brokerage company before the deadline for accepting exercise instructions on that day in order to guarantee that the option will be exercised on that specific day.
When an option holder wants to exercise an option, the brokerage firm notifies the OCC. The exercise notice is then given to a clearing member at random by OCC. This is often the investor's brokerage firm, which was randomly selected from a group of brokerage firms. The company is then required to designate one of its clients who has written (but not covered) that specific option.
Either at random or according to the principle of first-in-first-out, customers are assigned. Depending on the firm's methodology. Find out how your brokerage company handles assignments by asking them.
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Which of the following is an advantage of the user support group form of training?
A) Usually conducted in an informal social setting B) Formal training plan C) Can be live, or can be archived and viewed at the trainee’s convenience D) Can be customized to the needs of the trainee
Answer: correct answer is A usually conducted in an informal social setting is an advantage of the user support group form of training.
Explanation: It helps them to become more skilled and more productive.
One advantage of a partnership is (A) ease of formation. (B) limited liability. (C) unlimited life of the partnership. (D) limited vision and skills.
One advantage of a partnership is ease of formation which means option A is correct answer.
Partnerships have a long history and were used in the Middle Ages in both Europe and the Middle East. According to a 2006 article, the first partnership was formed in 1383 by Prato and Florence-based industrialist Francesco di Marco Datini. The Del Buono-Bencivenni company (1336-1401) and the Covoni company (1336-1401) have both been referred to as early partnerships even though they were not legally recognized as such. The 13th century saw the start of Europe's Commercial Revolution, which included partnerships. In the fifteenth century, the cities of the Hanseatic League helped one another; a ship from Hamburg to Gdansk would not only carry its own cargo, but was also contracted to transport goods for other league members.
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Think about all the jobs that you encounter on a daily basis. How many different types of career paths intersect with your life every day? List as many different jobs and career paths that you see on a daily basis. Which ones, if any, interest you and why?
Answer:
I can provide you with a list of common jobs that may intersect with an individual's daily life:
Retail salesperson
Customer service representative
Delivery driver
Food service worker (e.g. server, chef, bartender)
Receptionist
Teacher
Health care worker (e.g. nurse, doctor, therapist)
Construction worker
Police officer
Office worker (e.g. administrative assistant, project manager)
I can provide information about different careers and what they entail. If you have specific questions about a particular career or job, I would be happy to help.
Explanation:
Peanut Company acquired 100 percent of Snoopy Company’s outstanding common stock for $300,000 on January 1, 20X8, when the book value of Snoopy’s net assets was equal to $300,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, are as follows:
As of December 31, 20X8, Peanut and Snoopy's liabilities and equity were 1288000.
Which is preferable, equity or equality?For fairness and justice to be upheld as well as for each member of society to be able to reach their full potential, equality and equity are necessary. As opposed to equity, which aims to provide everyone with everything they need to have fair opportunities to those possibilities, equality makes sure that everyone is provided the same opportunities.
How does equity work in Example?Equity can be used to a single property, such as real estate or to a corporation and is calculated by deducting liabilities from assets. The difference is $100,000 represents equity, for instance, if a homeowner has a home worth $400,000 but owing a mortgage of $300,000.
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What you give up in the future to make a purchase today?
When you make a purchase today, you give up the ability to use that money for something else in the future as investment. This is known as the opportunity cost of a decision.
What's better, purchase or investment?The decision between making a purchase or investing the money depends on the individual's goals and priorities for investment A purchase may provide immediate satisfaction and the opportunity cost to use the item or service right away. A purchase may not provide long-term financial benefits. Investment money can provide potential long-term financial gains, but it also involves some level of risk. investment money may not provide immediate satisfaction. It is important to consider both short-term and long-term goals when making a decision about whether to make a purchase or opportunity cost of the money. It's important to weigh the potential benefits and drawbacks of each option. It's recommended to consult with a financial advisor before making any investment decisions.
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What do you think is the best economic system and why?
Answer: Economy system is important for many areas of society. It can help improve living standards and make society a better place.
Which of the following is not a component of internal analysis leading to competitive advantage?
a.Tangible and intangible resources.
b.Analysis of supplier power.
c.Capabilities.
d.Core competencies
Supplier power analysis is not a part of internal analysis that produces a competitive advantage.
A trait that enables a corporation to outperform its competitors is known as a competitive advantage. Competitive advantages include access to natural resources like high-grade ores or a cheap supply of energy, highly skilled labor, a strategic location, high entry barriers, and access to cutting-edge technologies and proprietary information. Competitive advantage is the advantage a business has over its rivals. This can be done by giving them better and more valuable things. Advertising products or services with lower prices or higher quality piques consumer interest. This is the rationale behind why customers choose one brand of product or service over an alternative. To grasp competitive advantage, one must comprehend value proposition.
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Obed manages a large dry cleaning facility. Recently, he asked you how to make sure his facility has the best possible culture. What would you recommend to Obed in terms of choosing an organizational culture
A sizable cleaning equipment facility run by Obed. He just asked for advice on how to make sure the atmosphere at his institution is positive. What advice would you give Obed.
What precisely does "organizational culture" mean?Organizational culture refers to a company's beliefs, goals, and attitudes as well as how they influence how its employees behave. The corporate culture of a company affects how customers or suppliers engage with that company.
What examples of organizations are there?Whether a for-profit or nonprofit corporation, the structure, ideals, psychology, and sociology of the organization are all included in the concept of organizational culture. Philosophy, beliefs, expectations, and experiences are only a few components of company culture.
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A property's taxes are $9,540 and are paid for in arrears. The property was sold, and closing took place on March 7. The seller was responsible for the day of closing. Using the 360 day method, how will taxes be prorated
The "360 day technique" will be used to prorate taxes, which will be charged to the buyer and credited to the seller for a total of $1775.50.
Who is in charge of making property tax payments following the closing?All property tax bills that become due after the final date must be paid by buyers of existing homes. In Illinois, taxes are paid a year after they are assessed, or in arrears. Your settlement statement will include any tax credits that you were given by the seller during the closing.
Property taxes are paid in arrears and will be the buyer's responsibility after closing. Terms in this set (10)
$9540 in total taxes.
Total amount of time before shutting = 2 months, 7 days.
$795 per month is the monthly fee.
Daily fees equal $26.5 per day.
795 multiplied by two months' w
Charges for seven days equal seven by 26.5 to $185.
Charges in total: 1590 + 185.5 = $ 1775.5 $1776 (Rounding off)
The buyer receives a credit and the seller receives a debit since the buyer paid the property's taxes on the day of closing and the seller was in charge of them for the prior two months and seven days. The buyer is due $1776 from the vendor.
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Which of the following would find the most utility from GAAP accounting methodology?
A. Vendors
B. Doctors
C. Athletes
D. Households
D. Households would not find utility from GAAP accounting methodology.
What is GAAP?According to Generally Accepted Accounting Principles (GAAP), businesses and organizations must record, categorize, and summarize financial transactions as well as disclose financial information in a clear and consistent manner. Organizations and businesses use it mostly. Households would not find utility as the financial transactions and activities of a household would not typically be subject to the same reporting and disclosure requirements as a business or organization. Thus businesses and organizations that are publicly traded or seeking capital from public markets would find the most utility from GAAP accounting methodology, as it is a requirement for them to follow the standards.To know more about GAAP , check out :
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What is an economic system in which individuals and businesses own property and the means of production?
Under capitalism, most means of production are privately owned, and production is controlled and income is distributed primarily through the operation of markets.
What is Capitalism?A common misconception about capitalism is that it is an economic system in which individual actors own and control property according to their interests and where supply and demand freely determine market prices in a way that benefits society.The essential quality of capitalism is the desire to make a profit. The goal of capitalism's economic system is to increase profits for businesses and private persons through the creation of commodities and services. Capitalism, which greatly enhanced industrialization and the availability of mass-market consumer goods, replaced the historical feudal and mercantilist systems in Europe.A great deal of variance in the concentration of wealth and economic power came to be connected with capital that was amassed via a range of techniques and at a variety of scales.
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Beth deposits $200,000 into her
personal savings account. How much of
her deposit is insured by the FDIC?
$50,000
$150,000
$200,000
Beth deposits $200,000 into her personal savings account. $ 50,000 more she need to deposit insured by FDIC.
Option A is correct.
For each account ownership category, the standard insurance amount is $250,000 per depositor, per insured bank. The FDIC covers deposits in different ownership categories in different ways.
What is the FDIC's role?Deposits are protected by the FDIC; examines and supervises financial institutions for consumer protection and safety; makes it possible to resolve large and complex financial institutions; likewise oversees receiverships.
What is the FDIC and how significant is it?The Federal Deposit Insurance Corporation (FDIC) is an independent government agency that safeguards insured deposits in the event of bank failure. The insurance provided by the FDIC is backed by the government of the United States. The National Credit Union Administration, which regulates and insures credit unions, is the other agency that provides deposit insurance to depositors in American depository institutions. The Federal Deposit Insurance Corporation is one of those two agencies .
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Within the textbook, the idea that goods would be equally distributed if the distributor was not allowed to know of his/her status or position is referred to as: Group of answer choices
Within the textbook, the idea that goods would be equally distributed if the distributor was not allowed to know of his/her status or position is referred to as veil of ignorance .
By preventing decision-makers from accessing potentially biased information regarding who will profit most or least from the various options, the "veil of ignorance" is a moral reasoning tool intended to encourage unbiased decision-making.
Justice's guiding principles are selected under the cover of ignorance. By doing this, it is made sure that no one will be favored or disadvantaged in their choice of principles based on the results of natural chance or the contingency of social situations. The parties are given full knowledge of their society, including each member's preferences, under a utilitarian veil of ignorance.
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