Barter economy - Study guides, Class notes & Summaries

What is the industry term used to describe the sum of prices paid by a business's customers? - Answer-total revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - Answer-costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? - Answer-profit=sales-costs What is the name for the net value achieved by both parties in a business transaction? - Answerprofit What element is not present in a barter economy? - Answer-...

1. Long-term profit planning aimed at generating greater return on assets, growth in market share, and solving foreseeable problems. ANS Financial Planning 2. An organized way in which a state or nation allocates its resources and apportions goods and services in the national community. ANS Economic Systems 3. A system of production, resource allocation, exchange, and distribution of goods and services in a society or a given geographic area. ANS Economic Systems 4. Name five of the major ...

Revenue Management Final Exam 100% Pass Total Revenues Costs Profit = Sales - Costs Profit Money Owner's Invest- ment Return / Owner's Origi- nal Investment = Owner's Return on Investment Constrained Supply Airline Overbooking Total Room's Revenue / To- tal Rooms Sold = Average Daily Rate What is the industry term used to describe the sum of prices paid by a business's customers? Historically, what concept have hospitality managers chiefly used to calculate their se...

What are the costs and sources of inefficiency in a barter system? Ans: -There is difficulty in accumulating wealth. -Transactions costs are almost always high. -There is increased time and effort spent looking for trading partners. -There is a lack of standardization. What is specialization? Ans: A system in which individuals produce the goods or services for which they are relatively best at. How does specialization improve an economy's standard of living? Ans: Specialization incre...

Which of the following is among the reasons identified by Adam smith for why the division of labor increases an economy's total output? a) specialized workers are happier than are non specialized workers b) specialized workers each work on tasks for which they each have a comparative advantage c)specialized workers follow instructions better than do non specialized workers d) specialization of workers is more likely to encourage the development of machinery to perform specialized tasks e...

Solution Manual for Money, Banking, Financial Markets & Institutions 2nd Edition for Brandl Michael 2024 / All Chapters ( 2-24 ) A+ CHAPTER 2: Money, Money Supply, and Interest 2-1 Section Review 1. What is the difference between money and currency? When are they the same? Why might they be different? ANS: Money is anything generally accepted in exchange for goods & services. Currency is issued by a bank or the government, but currency is not necessarily money. They are the same when they...

Factors of Production correct answers Resources used to produce goods and services; frequently divided into the basic categories of land, labour and capital Goods correct answers Tangible commodities, such as cars or shoes Services correct answers Intangible commodities, such as haircuts or medical care Production correct answers The act of making goods or services Consumption correct answers The act of using goods or services to satisfy wants Opportunity Cost correct answers The ...

Fundamental problem of economics: correct answers Scarcity of resources relative to human wants Scarcity is a problem that correct answers Exists due to finite resources and unlimited human wants Which is not a factor of production a) bulldozer b) mechanic c) farmhand d) tractor e) haircut correct answers haircut Opportunity cost measures correct answers Amount of 1 good forfeit to obtain unit of other good If a DVD costs $20 and a videocassette costs $10, opportunity cost of 5 ...

ECS1601 Assignment 6 (ANSWERS) Semester 1 2023 () - Due 6 June 2023 100% TRUSTED workings, explanations and solutions. Whatsapp 067 171 1739 for assistance. ................................................ Households are confronted with………, but with ………resources with which to satisfy those wants. a. unlimited wants; limited  b. limited wants; limited c. unlimited wants; unlimited d. limited wants; unlimited Households are confronted with unlimited wants, but with limited...

Business Management Exam Questions And Answers Solved Correctly Business - answerThe organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs. What are the four resources a business needs in order to be successful? - answerHuman resources, material resources, informational resources, and financial resources. What do service businesses do? - answerThey provide services. Ex: Haircuts, legal advice, tax preparation, etc. Interme...