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

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 ...

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...

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

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

TMU Exam #2 Jensen W-History Questions and Answers 440 AD -Answer-Roman Bishop (Leo I) claims supremacy over other bishops 843 AD -Answer-Restoration of Icons in the Eastern Church 1054 AD -Answer-"Great Schism" (East-West) begins (ends 1965) 1204 AD -Answer-Constantinople attacked as part of the Fourth Crusade 1453 AD -Answer-Constantinople falls to the Ottoman Turks Canonization -Answer-in the RCC, the definitive sentence by which the pope declares a particular dead person to have al...

WGU D089 Principles of Economics Questions and Answers 100% Pass Absolute Advantage The capability to produce more of a given product using less of a given resource than a competing entity Absolute Quota Strictly limiting the quantity of goods that may enter a country Accounting Profit Total revenues minus explicit costs, including depreciation Acquisition When one firm purchases another Ad Valorem Tariffs Import tax based on a fixed percentage of the assessed commercial value of imported g...

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 ...