GOALS OF ECONOMIC SYSTEMS Every economic entity is confronted with three basic issues 1. what to produce 2. how to produce it 3. how to allocate the final output Organization: National economies Central planning Free Markets Firms and Households Centralized decision making One authority for decision making Pareto efficiency A distribution of resources where there are no alternative allocations that keeps all individuals at least as well off but makes even one person better off. When
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Chapter 10 Prices‚ Output‚ and Strategy: Pure and Monopolistic Competition Solutions to Exercises 1. Pepsi and Coca-Cola bottlers face enormous supplier power from the syrup manufacturers‚ sell primarily to concentrated grocery store chains‚ and are constantly presented with many substitute firms who could provide their role in the value chain. Thus‚ despite high barriers to entry from high capital requirements‚ high switching costs‚ and closed distribution channels‚ their sustainable profitability
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Chapter 11 SYMBOLS The Conch Shell The conch shell is discovered at the very beginning of the novel on the beach. In its first instance it is recognized as a vessel for effectively governing the boys meetings. It is a very powerful symbol throughout the novel becoming a symbol of civilization and order. Throughout the novel as Jack breaks away and reduces his clan to savagery the conch looses it’s democratic power. The conch’s final downfall and disregard is when the Roger and the others
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Chapter 01 1. The business entity assumption requires that a business be accounted for separately from other business entities‚ including its owner or owners. 2. The four basic financial statements include the balance sheet‚ income statement‚ statement of retained earnings and statement of cash flows. 3. A balance sheet covers a period of time‚ such as a month or year. 4. The income statement shows the financial position of a business on a specific date.
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CHAPTER 6 MASTER BUDGET AND RESPONSIBILITY ACCOUNTING 6-16 (15 min.) Sales budget‚ service setting. In 2014‚ Rouse & Sons‚ a small environmental-testing firm‚ performed 12‚200 radon tests for $290 each and 16‚400 lead tests for $240 each. Because newer homes are being built with leadfree pipes‚ lead-testing volume is expected to decrease by 10% next year. However‚ awareness of radon-related health hazards is expected to result in a 6% increase in radon-test volume each year in the near future.
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Summary Chapter 11 11.1 The WW1 led to the rise of governments all around Europe and Asia. A Italy leader Benito Mussolini convinced his country they needed a strong leader and government so in 1919 he founded Italy’s Fascist Party. A communist Vladimir Lenin started to gather all of Russia’s weaker territory to form the SovietUnion Nazi Party leader Adolf Hitler became dictator of Germany. In Asia‚ Japanese military leaders took control of a political system that had been weakened by economic stress
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Multiple Choice Questions 1. Which of the following entities would not require accounting information pertaining to their economic activities? a. Social clubs. b. Not-for-profit entities. c. State governments. D. All of these require accounting information. e. None of these requires accounting information. Difficulty: Easy 2. Which of the following is not an objective of financial reporting described in FASB Concepts Statement No. 1? a. To provide information about how management of
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CHAPTER 1 Introduction to Financial Statements Study Objectives 1. 2. 3. 4. 5. 6. Describe the primary forms of business organization. Identify the users and uses of accounting information. Explain the three principal types of business activity. Describe the content and purpose of each of the financial statements. Explain the meaning of assets‚ liabilities‚ and stockholders’ equity‚ and state the basic accounting equation. Describe the components that supplement the financial statements in an
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Name Chapter 4--Profitability Analysis Description Instructions Modify Add Question Here Question 1 Multiple Choice 0 points Modify Remove Question One important difference between return on assets (ROA) and return on common shareholder’s equity (ROCE) is Answer ROA does not differentiate based on how a company finances its assets‚ ROCE does. ROA does not distinguish between the different types of income items‚ such as income from continuing operations‚ discontinued
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Chapter 11 Interpersonal Conflict was an interesting chapter. We all believe or at least I did that conflict is always a bad thing. I have learned in this chapter what conflict is‚ whether it be good or bad. Having conflict with someone doesn’t necessarily mean your relationship is unhealthy or distressed (pg. 354). Conflict itself isn’t a bad thing. In fact‚ if we handle conflict productively‚ it can produce positive outcomes (pg. 354). I realized by reading this chapter‚ what matters is how
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