Capital and labor Study guides, Class notes & Summaries

IRSC Eco2013 Final Exam Questions & Answers 2024/2025 Rule of 70 - ANSWERSDoubling time (in years) = 70/(percentage growth rate). The level of aggregate expenditures in the private closed economy is determined by the: - ANSWERSexpenditures of consumers and businesses. Calculating Real and nominal GDP and GDP per capita - ANSWERSReal GDP= units of output x price per unit in the base year Nominal GDP= Units of output x price per unit GDP per capita= Gross domestic product divided ...

How are Positive and Normative economics different from each other? - ANSWER Positive economics clearly states and economic issue, and normative economics provides the value-based solution for the issue. What are factors of production? - ANSWER The resources the economy has available to produce goods and services How can Labor's contribution to an economy's output of goods and services be increased? - ANSWER By increasing either the quantity of labor of human capital. What are two key...

Globalization The shift toward a more integrated and interdependent world economy. Globalization of markets The merging of historically distinct and separate national markets into one huge global marketplace. Globalization of production The sourcing of goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production. Factors of production Labor, energy, land, and capital. General Agreemen...

WGU D080 study for OA With Complete Solutions ACTUAL EXAM Q&A Graded A+ Latest Update WGU D080 study for OA With Complete Solutions What is globalization? - Answer as international integration arising from the exchange of world views, products, ideas, and other aspects of culture. What is Culture Globalization? - Answer refers to the transmission of ideas, meanings, and values around the world in such a way that extends and intensifies social relations. What is Politic...

GDP is - value of all final goods and services produced within a country in a given period of time. Y = C + I + G + NX - Y = economy's total expenditure C = consumption in economy I = imports in economy G = government spending NX = net exports Net exports equal - exports minus imports CPI is used to - monitor changes in the cost of living over time Inflation rate - percentage change in the price level from the previous period Indexation refers to - using a law or contract to automatica...

WGU C213 Final Exam 2023 Questions and Answers (Graded A+) Order of assets listed on the balance sheet - ANSWER-Assets are listed in the order of liquidity. Liquidity is the amount of time it would usually take to covert an asset into cash. Obviously, cash would be listed first, followed by marketable investments (a company can quickly convert a short-term investment into cash). Accounts receivable would be listed next followed by inventory, and long-term investments, fixed assets, and intang...

The common characteristic possessed by all assets is Future economic benefit Which Foreign Direct Investment (FDI) attempts to acquire particular resources at a lower real cost than could be obtained in the home country? Resource-seeking FDI Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:00 Full screen Under the Uniform Commercial Code (UCC) statute of frauds, which of the following terms must be included in writing...

Cash on Cash Multiple How much an investor receives in proceeds upon exiting the investment compared to its initial investment; it is not dependent on when the exit actually occurs Income Statement Presents the results from operations (profitability) over a period of time. Purpose is to show stakeholders whether the company made or lost money during the period being reported. Represents how revenues are transformed into Net Income. Brainpower Read More Previous Play Next R...

Success Factors in Your Business organized, consistent approach Factors in Business Failure poor planning and inadequate management Entrepreneur a person engaged in strategic activities that involve initiation and development of a new business Calculated Risk something that is well thought through where all outcomes are considered Rewards of Owning Your Own Business own boss, flexible time, freedom and independence, personal satisfaction Challenges of Owni...

Test Bank For Principles of Microeconomics 13th Edition by Karl Case ,Ray Fair, Sharon Oster 7141, 7, 6786, 7 1 The Scope and Method of Economics 2 The Economic Problem: Scarcity and Choice 3 Demand, Supply, and Market Equilibrium 4 Demand and Supply Applications 5 Elasticity 6 Household Behavior and Consumer Choice 7 The Production Process: The Behavior of Profit-Maximizing Firms 8 Short-Run Costs and Output Decisions 9 Long-Run Costs and Output Decisions 10 Input ...