Opportunity Cost Scarcity of resources is one of the more basic concepts of economics. Scarcity necessitates trade-offs‚ and trade-offs result in an opportunity cost. While the cost of a good or service often is thought of in monetary terms‚ the opportunity cost of a decision is based on what must be given up (the next best alternative) as a result of the decision. Any decision that involves a choice between two or more options has an opportunity cost. Opportunity cost contrasts to accounting cost in
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with teachers who vent their foul moods on us? We should not have to walk on eggshells because our teacher has had a bad day. Another aspect of the school that needs changing is the set of school rules. Some are so irrational or petty! Take‚ for example‚ the rule on short hair for boys. What is the rationale behind this? Do the people in authority believe that everyone with long hair will turn out to be a thug or a villain? Well‚ look at Hitler: he had very short hair and he almost caused the extinction
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LIOZON Clément EIM4 Bachelor – UB2 ORGANISATIONAL BEHAVIOUR Assigment 1 : using the concepts that you have read in the book‚ describe what would be according to your personality the ideal job for you ? Today‚ it appears that our personality is the thing which characterizes each human being and which is very important in the business world. Indeed‚ the personality is the sum total of ways in an individual reacts and interacts with others‚ measurable traits a person exhibits. With many new
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ASSIGNMENT ON COST CONTROL AND COST FREDUCTION SUBMITTED BY‚ MOHAMMED NAFAISE E.K ROLL NO: 1600 COST CONTROLL & COST REDUCTION COST CONTROL The practice of managing and/or reducing business expenses. Cost controls starts by the businesses identifying what their costs are and evaluate whether those costs are reasonable and affordable .Then if necessary
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Welcome to the study of cost accounting. This introductory chapter explains the intertwining roles of managers and management accountants in choosing an organization’s strategy‚ and in planning and controlling its operations. Unlike the remainder of the textbook‚ this chapter has no “number crunching.” Its main purpose is to emphasize the management accountant’s role in providing information for managers. Review Points organization. Cost accounting provides information for both management
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The Primary Sector: The primary sector of industry as a whole is declining. Although there are areas in which profit can be made including extraction of minerals (sand‚ gravel) and organic food production‚ there are no longer many advantages to start a new business in the sector where the output is falling down. The trend for farms like Seldom Seen Farm which produce fruits and vegetables or red meat (beef‚ pork‚ lamb) has gone down and has been replaced by fish farms and food organics farms
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Question: Explain why it’s important for most senior managers to have a sound knowledge of cost behaviour ie fixed costs‚ variable costs‚ semi-variable costs and sunk costs. Answer: Understanding cost behaviour helps manager in anticipation of changes in cost when there is a change in their activities like production‚ sales‚ inventory pile up etc. It provides good assistance in planning‚ cost management and decision making. A number of behaviour patterns exist ranging from fixed to variable
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2 WHY IS YOUR DEGREE NECESSARY FOR THE FULFILLMENT OF YOUR GOALS? My degree in criminal justice\Homeland security will allow me to become a probation officer‚ achieve financial stability‚ and inspire my kids to go to college. Helping people get back on their feet is my passion. When I was eleven years old I was awarded a medal of friendship. realized supporting people and helping others is a part of me. Criminal Justice is responsible for law and order in our society today. It is an agency
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Bart Van Kerkhove Instructor: Andrew McCullough ENG 100 2 May 2008 Is the cost of post-secondary education in the United States too high? Everybody knows that the cost of higher education in the United States can be substantial. As a result a considerable number of students have to take up a part-time or even full-time job so they can cover not only tuition‚ but also rent and every day expenses. In some cases parents (or the students themselves) have to take (often big) loans to fulfill the financial
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discussed and debated concerning the United States economy is healthcare system. Why is healthcare so expensive in the United States? Unlike in the majority of developed and developing countries‚ the healthcare system in the United States is not public‚ meaning that the state does not provide free or cheap healthcare services. In this essay‚ I will point out 5 main reasons why our health is so expensive. Administrative Costs The number one reason our healthcare costs are so high‚ says Harvard economist
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