The given statement, in the small-country model, the price equals the world price if the country is open to trade, is true.
What takes place when a tiny nation imposes tariffs?National wellbeing declines whenever a tiny nation imposes a tariff. The loss to national welfare will increase when the tariff is raised. Income is redistributed as a result of the tariff. While consumers lose out, producers and the receivers of government spending profit. According to the "small country" assumption, the country's imports make up such a small portion of the global market that even a complete ban on imports would have no impact on global demand for the good and hence have little impact on global prices.
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What is transitional inflation?
The term temporary inflation is used to describe temporary price increases and is not part of a long-term trend. The term has been used in the field of economics and academic research.
It will not be until 2021 that the term will enter the broader national discussion of economics. Transient inflation usually occurs when economies move from a sharp contraction in economic activity to a strong expansion. It is temporary as prices fall as supply catches up with demand. Most consider 'temporary', in the context of inflation, to mean that price increases will be short-lived, Powell said, but the Fed believes 'temporary' means inflation will not cause permanent damage for the economy.
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steady advances in technological development will result in which of the following? responses the long-run aggregate supply curve will shift to the right, resulting in a lower full employment level of output. the long-run aggregate supply curve will shift to the right, resulting in a lower full employment level of output., the long-run aggregate supply curve will shift to the left, resulting in a higher natural unemployment rate. the long-run aggregate supply curve will shift to the left, resulting in a higher natural unemployment rate., the long-run aggregate supply curve will shift to the right, resulting in a higher full employment level of output. the long-run aggregate supply curve will shift to the right, resulting in a higher full employment level of output. the short-run aggregate supply curve will shift to the left, resulting in a lower price level and a higher full employment level of output. the short-run aggregate supply curve will shift to the left, resulting in a lower price level and a higher full employment level of output. the short-run aggregate supply curve will shift to the right, resulting in a higher price level and a higher natural rate of unemployment.
Steady advances in technological development will result in The long-run aggregate supply curve will shift to the right, resulting in economic growth and natural unemployment rate.
What is technical development?Technical development can be described as the use of highly efficient technical means so as to support and help the mental labor and increase productivity.
It should be noted that the Technical development can be a way of monitoring and control machines, data-processing equipment, and computer to optimize planning and management, hopwever in The long-run aggregate supply curve will shift to the right as a result of the technological development which will bring abouyt the economic growth and natural unemployment rate.
In conclusion, Technological change or technological development can be regarded as the process of invention as well as , innovation and diffusion.
Therefore, option C is correct.
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the less correlated the securities in a portfolio, group of answer choices the higher the diversifiable risk. the higher the portfolio risk. the lower the portfolio risk. the lower the unsystematic risk.
The less correlated the securities in a portfolio, a) the lower the portfolio risk.
Securities are fungible and tradable monetary contraptions used to elevate capital in public and personal markets. There are basically three sorts of securities: fairness—which offers possession rights to holders; debt—basically loans repaid with periodic bills; and hybrids—which combine factors of debt and equity.
A safety, in a monetary context, is a certificate or different economic device that has financial value and can be traded. Securities are normally labeled as both equity securities, which includes shares and debt securities, together with bonds and debentures.
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which statement is most accurate in describing the current trend in manufacturing in the united states? multiple choice the united states is expected to become a manufacturing-based economy. traditional manufacturing techniques have proved to be the most efficient and effective. the number of people working in manufacturing continues to fall. foreign competition has not affected u.s. manufacturers.
The number of manufacturing employment in the US has dramatically decreased.
The definition of additive manufacturing The method of producing an object layer by layer is known as additive manufacturing. It is the reverse of subtractive manufacturing, which involves removing small amounts of a solid block of material at a time until the finished item is produced.
Are managers using this technique for ongoing monitoring?To ensure that quality is ingrained in the product from the beginning, managers employ statistical quality control (SQC) to continuously monitor all stages of the production process. Workarounds and efficient internal communication are required in the event of supply chain disruptions.
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the expected rates of return for the different types of capital used to finance the business.
The expected rates of return for the different types of capital used to finance the business Debt financing.
The target capital structure is the desired most advantageous mix of debt and fairness financing that maximum corporations attempt to obtain and keep. The fee of capital is the fee of return a company need to earn on investments in order to increase the firm's price.
"The price of capital is the fee of go back a firm have to earn on its investments for the marketplace cost of the company to stay unchanged. it can additionally be thought of as the fee of go back required by the market providers of capital a good way to entice needed financing at a reasonal.
Risk and return in economic management is the risk associated with a sure investment and its returns. typically, excessive-threat investments yield higher monetary returns, and coffee-hazard investments yield decrease returns. that is, the threat of a particular funding is at once related to the returns earned from it.
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Measured by the project's impact on uncertainty regarding the firm's future returns
Company risk is measured by the project's effect on uncertainty about the firm's future cash flows. Analysts often use the standard deviation of the expected returns from a firm's existing portfolio of investments.
What does corporate mean?Corporate refers to a group of large enterprises or a specific large company. For corporate clients as opposed to private ones, interest rates are greater. Both the economy and business earnings are expanding. Corporate refers to a group of large enterprises or a specific large company. An organization called a corporation is one whose shareholders choose a board of directors to manage its operations. The corporation, not the shareholders, is responsible for the operations and financial health of the company.
Examples of corporations are Apple Inc., Walmart Inc., and Microsoft Corporation. Shareholders are the legal owners of a corporation, and their stock or shares in the company reflect their stake in it.
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what is the marketing practice of actively shaping your brand to create a cohesive look?
Branding is the marketing practice of actively shaping your brand to create a cohesive look .
Advertising and marketing are activities a business engages in to encourage the purchase of or promotion of a service or good. On behalf of an organization, affiliates are used in some marketing campaigns. Advertising is the process of discovering, creating, and providing value to satisfy a target market's needs for goods and services, probably including the choice of a target audience.
In a nutshell, an action made to draw attention to a company's offerings, which may include physical things sold on the market or services rendered. TV commercials, billboards on the side of the road, and magazine ads are all common examples of advertising at artworks.
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when the occurrence of a gain contingency is reasonably possible and its amount can be reasonably estimated, the gain contingency should be
Gain contingencies should be mentioned in the financial statement notes but not recognized in the income statement when they are reasonably likely to materialize and their magnitude can be anticipated.
When the outcome of future events could lead to a potential gain or advantage for an entity, there is a gain contingency. A contingency is an existing state, circumstance, or group of events that raises questions about potential gains or losses for an entity and that will be ultimately resolved whether one or more future events take place as planned or not. If it's not misleading, gain contingencies should be reported in the notes to the financial statements. Otherwise, only when the action can be recognized can potential gains be reported to the financial accounts. The potential gain from a gain contingency is not recorded in accounting since the exact amount is unknown.
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kpr, inc. just purchased a plot of land on which it expects to build a new manufacturing facility. the land account will not include:
Appraisal fees, closing costs such as attorney fees and recording fees, and the cost to clear fill, and level the land all of these will be included in the land account.
On a company's balance sheet, the land is categorized as a long-term asset because it normally isn't anticipated to be converted to cash within a year.
The asset with the longest life span is thought to be land. Land cannot be depreciated, thus it cannot be used to offset its cost by progressively losing value over the course of its useful life. As a result, it is thought that land has an essentially endless productive life. Land is categorized as a fixed asset on your balance sheet because it's often the least liquid asset a corporation has.
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zhang company reported cost of goods sold of $847,000, beginning inventory of $39,600 and ending inventory of $47,500. the average inventory amount is:
The average inventory amount with beginning inventory of $39,600 and ending inventory of $47,500 is $43550.
Which type of inventory represents items that are available for purchase?Products that have completed the production process and are ready for sale are referred to as finished goods. Retailers commonly allude to this stock as product. The costs of products that are either ready to be manufactured and sold to customers or are in the process of being manufactured and sold to customers are referred to as inventory.
How much do inventory costs?All of the costs associated with ordering, keeping, and managing a product-based business's inventory or stock levels are included in its inventory costs. Typically, total inventory costs are divided into three categories: costs associated with ordering, transporting, and stock out.
Given,
Cost of goods sold = $847,000
Beginning inventor = $39,600
Ending inventory = $47,500
Average inventory = (1/2)×(Beginning inventory + Ending inventory)
= (1/2)×(39600 + 47500)
= $43550
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Suppose that both firms start off by deciding not to advertise. if the firms act independently, what strategies will they end up choosing?- Both firm will choose to advertise- Fizzo will choose to advertise and Pop Hop will choose not to advertise- Both firm will choose not to advertise- Fizzo will choose not to advertise and Pop Hop will choose to advertise
The correct option is B ; Both firm will advertise , Suppose that both firms start off not advertising. If firms act independently,
An advert is a mass or public media message with is designed to convince people to but into a product, service or an idea.
Therefore, the wisest course of action for business A will be to set a low price for the item.
Institutional and product advertising are the two primary categories of advertising tactics. Institutional advertising is employed to promote a business's brand.
This is accomplished by the use of many media, including television, print (newspapers, magazines, journals, etc.), radio, press, the internet, direct marketing, billboards, mailers, competitions, sponsorships, posters, outfits, events, colors, sounds, images, and even people (endorsements).
Hence, it is correct to state rival firms will end up advertising.
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Full Question:
Suppose that both firms start off not advertising. If firms act independently, what strategies will they end up choosing?
A) fizzo will choose not to advertise and Pop Hop will choose to advertise.
B) Both firms will advertise
C) Both firms will choose NOT to advertise
D) Fizzo will chose to advertise and Pop will choosenot to advertise.
discuss the strategic planning process for a new healthcare policy. your analysis can either be broad in scope, or narrowly focused and related to a specific policy or initiative. conduct your change needs analysis within the context of strategic planning and prepare an executive summary (600 word minimum).
The strategic planning for healthcare policy.
Strategic planning is a process in which an organization defines its strategies, goals, and objectives that are essential for its future. It bridges the gap between what an organization has and what they want to achieve shortly. A strategic plan is a document used to communicate with the organizations their goals and the actions needed to achieve those goals.
Effective planning in healthcare management can help them to implement a proper strategic plan which must specify the issues, vision, goals, and objectives and how they can achieve them. It can develop and carry out the vision that can lead to a fulfilling future. Employees want to be recognized and heard.
They are motivated to perform better for an organization that has clear cut vision and a well-executed game plan. Organizations should aim at helping their employees understand how and what they can contribute for the organization to reach its vision and mission together. Team collaboration and cooperation is an essential components in delivering high-quality healthcare.
Employees in an organization must work together to achieve a common result. Effective strategic planning in healthcare can bring together the employees to deliver quality care, and service and improve their performances. Proper strategic planning will act as a building blocks for any industry only when its properly implemented as well as executed.
It helps to support and develop your strategic plan with data-backed intelligence. There are many strategic policies carried out at various levels like Mental health police, etc which all point towards a common goal. The priority of any policy is about how each nation defines the strategy as per their issues.
Assess the competitive landscape, demographic shifts, and market trends. A proper strategic plan helps the organization to understand the market and introduce tools and techniques to become market leaders. It helps to calculate, compare and project future demands and achieve healthcare needs over time.
While strategic planning for healthcare might sound easier but one misstep can cause major consequences and can even jeopardize the entire policy. Once the strategic planning starts, the entire focus should be on it. The successful execution of a strategic plan is also important.
This can be very challenging unless additional software is not present as a backup. A strategy is something that has to be evaluated from time to time whenever any major change or crisis occurs. Sometimes even new ones have to be formulated.
It is important because it sets a path for healthcare organizations to achieve key goals, including the following examples: Prioritizing critical issues of importance to staff and patients, identifying areas to invest in to ensure the necessary resources are available to staff, and improving cross-departmental communications. Setting a clear organizational mission and vision.
Increasing employee motivation and strengthening engagement. Building a sense of shared responsibility and cooperation. Today, strategic planning also involves understanding the various lessons they learned from a crisis like covid, etc. Many strategies can influence healthcare organizations to plan for future crises.
Proper planning and implementation of these strategies can help them in adapting to new changes way before other industries. It also helps them to acquire advanced skills that might be crucial for the new change.
Planning and formulating a successful strategic plan and bringing it success takes a lot of time and work. Organizational culture also forms an important part of strategic planning.
The formed plan will have to be modified from time to time, mainly in the healthcare industry. Organizations can explore internal and external environmental issues as potential opportunities as part of their SWOT analysis.
A review of potential revenue sources enables hospitals to use strategies other than expense management to maximize financial performance.
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what does social media help to do? build loyalty b) give brand feedback c) build a database of loyal users d) all of the choices are correct
Social media facilitates brand input.
Social media are interactive media platforms that facilitate the creation and dissemination of material, such as knowledge, ideas, interests, and other forms of expression, through online communities and networks. Despite difficulties in defining social media due to the range of standalone and integrated social media services currently offered, there are certain common characteristics: Social media are Web 2.0 Internet-based interactive apps. The lifeblood of social media is user-generated content, which includes written postings or comments, digital photographs or videos, and statistics from all online interactions. For the website or app, users build service-specific profiles that are created and maintained by the social media company. By linking a user's profile with those of other people or groups, social media aids in the growth of online social networks.
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what is one way that gross domestic product differs from gross national product?
GDP includes both goods and services produced for market sale and some nonmarket production, such as government-provided defense and education services.
An alternative concept, known as gross national product, or GNP, takes into account all of a nation's output.
What distinguishes the gross domestic product from the national product?GDP is a measure of the goods and services produced within the country's borders by Americans and people from other countries. GNP estimates the labor and products delivered by just U.S. inhabitants, both locally and abroad.
What is the difference between the US GNP and the US GDP?The total value of final goods and services produced annually by a nation's citizens, including profits from capital held abroad, is referred to as the Gross National Product (GNP). The annual value of all final goods and services produced within a nation's borders is known as GDP.
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question content area a characteristic of a fixed asset is that it is a.held for sale in the ordinary course of the business b.used in the operations of a business c.a short-term investment d.intangible
A characteristic of a fixed asset is that it is b.used in the operations of a business.
A fixed asset does now not simply should be "fixed," in that it cannot be moved. Many constant assets are transportable enough to be routinely shifted within a company's premises, or completely off the premises. consequently, a computer could be taken into consideration as a hard and fast asset (so long as its value exceeds the capitalization restriction).
The time period constant asset refers to a protracted-time period tangible piece of assets or equipment that a firm owns and makes use of in its operations to generate income. the general assumption approximately fixed assets is that they're predicted to ultimately, be consumed, or be converted into cash after at the least 365 days.
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How do you describe a mixed economy?
A mixed economy can be described as a type of economy, wherein the business ownership and control of economic operations is shared by the public as well as private enterprises.
A mixed economy can be referred to or considered as a combination of a command as well as a free economy as its structure of the market. It has government control in some industries, whereas some industries have involvement of private enterprises, thereby granting a free entry and exit to the buyers and sellers in such an economy.
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there are two primary advantages to buying a franchise over other forms of business ownership. first, the franchisor typically provides training, technical expertise, and other forms of support, and second, ________.
Second, the franchisor provides an entrepreneur the ability to own a business using a tested and refined business method.
What do you mean by the franchise?
A franchise is a kind of licence that enables a franchisee to use the franchisor's brand name to sell goods and services by having access to the franchisor's secret business techniques, procedures, and trademarks.
The term "franchise" refers to the agreement that binds the two parties, but it is more frequently used to describe the business that the franchisee runs. The process of developing and disseminating a brand and franchise network is known as franchising.
The franchisor often provides the franchisee with assistance with site selection and development, operational manuals, training, brand standards, quality control, a marketing plan, and business consulting support.
Therefore, Second, the franchisor provides an entrepreneur the ability to own a business using a tested and refined business method.
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marketing channels play a key role in marketing strategy because they a. provide the means by which products move from producer to ultimate user b. provide criteria for promotional expenditures c. extend the amount of time between producer and consumer d. allow more participants to contribute to the economy
Marketing channels play a key role in marketing strategy because they provide the means by which products move from producer to ultimate user.
The value of marketing channels must be understood in the context of business. The bridge that connects you to your audience are the marketing channels. They make it possible for your company to communicate with customers in a seamless manner, increasing the number of individuals you can reach and raising awareness of your goods and services.
The following reasons make marketing channels crucial:
Determine the most effective distribution channels for a target demographic.Make sure the intended market receives the merchandise.Utilize a channel to do the work to save time and money.Expand your customer base.In addition to being excellent for delivering your goods and services, marketing channels are essential for publicizing what you have to offer. They can highlight the advantages of your brand in comparison to other comparable brands while introducing your goods and services to new potential customers.
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Is KFC transnational or multinational?
KFC is a multinational corporation, and not a transnational corporation.
A multinational corporation can be referred to or considered as one of the companies, wherein the operations of the business are located in at least two countries. The expansion of a multinational corporation is always subjected to the foreign policies in the countries of operations.
As KFC has its headquarters in the United States, but has its operations in more than one country, it is a multinational corporation, and not a transnational corporation.
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What is a client benefit of partnering with Accenture's intelligent platform services IPS )? Mcq?
The wise intelligent platform services (IPMI) is a set of laptop interface specifications for an self sufficient laptop subsystem that gives management and monitoring skills independently of the host device's CPU, firmware (BIOS or UEFI) and operating machine.
Our intention is to accelerate your direction to value by means of bringing together intelligent platforms & human ingenuity and increase your human beings's capability to force superb change. We try this by means of: growing tangible fee via real competencies. producing new cost by using unleashing the strength of statistics & technology.
Wise Platform control Interface (IPMI) is a standardized message-primarily based hardware control interface. on the core of the IPMI is a hardware chip this is known as the Baseboard control Controller (BMC), or control Controller (MC).
Accenture's clever Platform services (IPS) whilst our customers are figuring out to associate with a offerings organization: Accenture will help its customer through enforcing a machine with a purpose to find operational efficiency and opportunities for development whilst maximising current assets.
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in delegated proof-of-stake, what action do stakeholders perform? group of answer choices stakeholders elect block producers stakeholders elect block proposers. stakeholders are block producers. stakeholders are block proposers.
The block's creation process.
According to their personal domestically branch decision algorithm, the blocks promisor is required to announce a signature lighthouse blocks that develops on base of the latest recently leader of the block chain.
The fork decision method identifies the block with the highest cumulative weight of attestations across its existence after applying any pending assurance left remaining from the preceding slot. This block serves as the individual of the newly proposed block.
BLOCKWISE REWARDS
The block proposer is compensated for their efforts. Based on the quantity of consensus mechanism that are actually ongoing and respective good share, a base reward is determined.
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in a company where units are given autonomy to work independently, but are now asked to work together, the units may become territorial and refuse to share ideas for fear of being eliminated. this functional structure will produce which drawback? slf-cannibalization inability to support cost competency cascading effect of errors redundancy across units low levels of centralization
Functional structure will produce drawback such as cascading effect of errors (C) that lead the nits to become territorial and refuse to share ideas across units.
Functional structure is an organizational structure where a company divides its employees based on their specialization and capabilities. Functional structure is effective for some companies with large volume of standardized produc or service sales, large fixed asset base, and minimal changes in technology.
However, functional structure also have many disadvantages. They are:
Weakening of common bondsLack of coordinationTerritorial disputesSegregationUnhealthy working competitionFunctional structure makes units become relatively isolated from each other. This structure will make the commond bond that emphasizes a single overarching organizational purpose is weaker than in an organization with high cross-unit interactions. Functional structure makes having and understanding a common organizational purpose to be hard to execute.
The lack of coordination happens because of lack of communication and the isolated groups structure across the organization. Many units leaders may become uncare with other units difficulties and limitations. They become not respond helpfully or in a timely way because they don't feel that others' difficulties are part of their problems. By the time the need for cooperation has been established, the moment when cooperation would have been most effective may already have passed.
Territoril disputes may happen when any disagreement over goals, budgets, or any other issues came up from a clash of egos when each department has its own separate functional structure or a strong sense of common purpose is lacking. Each units fears of being eliminated if they fail to achieve their units target and underperfomed.
Segregation happens because the isolated group structure means that teams become siloed. Employees in different teams do not get the oppotunity to meet and share perspectives. This condition could be harmful for the business in the long run because of the limitation of perspectives.
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investigating significant variances from a budget to assign responsibility is an example of management by exception.A. TrueB. False
Investigating significant variances from a budget to assign responsibility is an example of management by exception is true.
What is management by exception?
A common working technique in the finance and business sectors is management by exception. Employees are free to consult their bosses exclusively about specific difficulties thanks to this technique. For instance, a worker who keeps track of the budget for the company might only need to get in touch with their management if the account is below a certain threshold. Management by exception is the technique of looking at a company's financial and operational performance and only bringing problems to management's notice if results show significant deviations from the planned or anticipated amount.
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The statement says that you’ve triggered the Penalty APR so that it has now increased to 28.99%. What action triggered this?answer choices- You paid your last bill online in full by the due date.- You paid only the minimum payment by the due date.- You failed to pay the minimum payment by the due date.- You failed to pay your late payment fee.
According to the statement, you've triggered the Penalty APR. because -You paid only the minimum payment by the due date.
APRs on credit cards vary depending on the type of borrowing. The APR for purchases, or the interest you pay on accounts acquired from regular spending, is the most prevalent.
However, card issuers typically set separate APRs for cash advances and debt transfers as well. Because of this, it may be challenging to remember what interest rate you are now paying.
Your penalty APR, which rises in interest when a payment is late or returned, is one of the higher APRs you could see on your credit card agreement.
Select advises setting up automatic payments for at least the minimum amount owed, but it is ideal to pay the entire balance to completely avoid incurring interest. Consider applying for one of the credit cards listed below with no penalty APR if you have a history of skipping payments on your credit cards.
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with the explosive growth of technologies that facilitate the sharing of information, this kind of stakeholder power has become increasingly important:
With the explosive growth of technologies that facilitate the sharing of information, this kind of stakeholder power has become increasingly important: informational.
A tactical tool called a stakeholder power analysis demonstrates how different stakeholders have an impact on FPU's choices, goals, and strategies as well as how FPU may influence these stakeholders and how they can influence FPU. Power is therefore defined as the capacity to induce the other party to act in a manner that it would not otherwise.
Throughout a change project, a matrix known as the power/interest grid is employed to effectively manage stakeholders. Stakeholders are represented on a grid based on how much they can influence and are interested in the project.
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Accurate and timely information is the foundation of effective marketing, especially of the marketing concept.a. Trueb. False
Accurate and timely information is the foundation of effective marketing, especially of the marketing concept. This statement is true.
The marketing concept means whenever a company plans and implements to maximize profit by boosting sales, meeting customers' needs, and surpassing competitors. The goal is to devise a situation that serves both parties; the customer and the company. To fully understand the marketing concept, we need to understand needs, wants, and demands.
The idea behind the marketing concept is to predict and satisfy the needs and wants of customers better than the competitors.
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Defined by Miles as "a requirement of the activities of one subunit that is affected by the activities of other subunits" is a _________.
A. strategy
B. goal
C. system
D. independence
Defined by Miles as "a requirement of the activities of one subunit that is affected by the activities of other subunits" is a independence. Correct answer: letter D.
The independence of a subunit is defined by Miles as a requirement for the activities of the subunit to be free from the influence of other subunits. This means that the subunit must be able to make decisions and carry out activities without interference from other subunits. This enables the subunits to work independently and allows them to pursue their own objectives without interference or influence from other subunits.
The Benefits of Independence for Subunits in OrganizationsOrganizations rely on their subunits for a variety of tasks, such as sales, marketing, and production. This independence can bring a number of benefits to an organization:
First, having independent subunits allows an organization to be more agile and responsive to changes in the environment. When a subunit is able to make decisions on its own, it can quickly respond to changes in the market or customer demands without consulting other subunits. This increases an organization’s ability to be competitive and to capitalize on opportunities.Second, having independent subunits can help to reduce conflict between the various subunits. When a subunit has autonomy and is able to make decisions without consulting other subunits, it is less likely to experience conflict with other subunits because they are not competing for resources or influence. Finally, allowing subunits to operate independently can help to foster creativity and innovation.Learn more about Independence for Subunits in Organizations:
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for a zero-growth firm, it is possible to increase the percentage of sales that are made on credit and still keep accounts receivable at their current level, provided the firm can shorten the length of its collection period sufficiently. t or f
For a zero-growth firm, it is possible to increase the percentage of sales that are made on credit and still keep accounts receivable at their current level, provided the firm can shorten the length of its collection period sufficiently. True
Yes, for a zero-growth firm, it is possible to increase the percentage of sales that are made on credit and yet keep accounts receivable at their existing level, provided the firm can shorten the length of its collection period sufficiently.
A firm is a for-income enterprise corporation—which include a business enterprise, restricted legal responsibility corporation (LLC), or partnership—that offers expert offerings. most companies have simply one place.
Accounts receivable talk over with the cash a enterprise's customers owe for goods or services they have got obtained but now not but paid for. for example, whilst customers purchase merchandise on credit score, the quantity owed receives introduced to the accounts receivable. it is an obligation created through a business transaction.
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Temporary accounts include assets, expenses, and the owner's drawing account.answer choices- True- False
It is true that temporary accounts include the assets, expenses, and owner's drawing account.
What is drawing account?A drawing account is an accounting record that is kept to keep track of the funds and other assets that company owners take from the company. The majority of businesses that are taxed as sole proprietorships or partnerships use drawing accounts. In general, dividends or remuneration must be reported for owner withdrawals from enterprises that are taxed separately. In an unincorporated firm, such as a sole proprietorship, partnership, or limited liability corporation (LLC), an owner's draw happens when the owner draws a resource, such as money, from the business for their own use. Contrary to owner's equity is a drawing account. The debit balance of the drawing account is different from the anticipated credit amount of an owner's equity account since owner withdrawals imply a decrease in owner's ownership in the company.
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Anything that an agent obtains by virtue of an agency relationship is theirs to keep. True or false?
The statement 'Anything that an agent obtains by virtue of an agency relationship is theirs to keep' is false.
In the field of business, we can describe an agent as a person who acts as a representative or delegate for a particular company, organization, or agency. It is the responsibility of an agent to promote his agency when he is at work.
When an agent obtains anything on behalf of the agency or for his representation of the company, then it is against ethics for the agent to keep that thing. Hence, the statement above is false. The gift shall be given to the owner and he shall decide who gets to keep it as it belongs to the agency.
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