SCARCITY‚ CHOICE AND OPPORTUNITY COST. Ans: ECONOMIC RESOURCES are the assets (things of value) which an economy (or business) may have available to supply and produce goods and services to meet the ever-changing needs and wants of individuals (in the case of a business) and society (in the case of society as a whole.) REA (Resources‚ Events‚ Agents) is a method for modeling business processes. Unlike all other methods‚ the REA model reveals why business processes occur‚ and provides for full traceability
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[pic] Scarcity‚ Choice and Opportunity Cost 1. What are resources? Describe two different types of resources. Resources are anything provided by nature or previous generations that can be used directly or indirectly to satisfy human wants. Capital resources include machinery‚ equipment‚ and structures used to produce other goods and services. Human resources include labor‚ skills‚ and knowledge. Products of nature can also be used as resources. Difficulty: E
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& 4 million offer is “ Relevant ” financial information Because of : important cost will be cost will happen just if the strategy is attempted‚ it can be kept away from by systems for breaking down cost information for basic leadership purposes ( Opportunity Cost ); it is just money costs that is pertinent ‚ opportunity costs along these lines speak to the cost of chances inescapable because of making one course of move ‚ there are as significant as some other expenses in basic leadership so
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Concept of Cost Accounting……………………………………………………………………03 Introduction……………………………………………………………………………………..03 Traditional costing v/s activity based costing…………………………………………………..04 Need for an Activity Based Costing……………………………………………………………06 Stages in Activity Based Costing……………………………………………………………....08 Cost Drivers…………………………………………………………………………………….09 Classification of activities………………………………………………………………...……10 Steps Involved in the Implementation of Activity Based Costing……………………………..11 Working Example……………………………………………………………………………
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Project Cost Management Review pages 273‚ 274‚ and 275!!! EV PV AC EVM RP CV SV CPI SPI The Importance of Project Cost Management IT projects have a poor track record for meeting budget goals. The CHAOS studies found the average cost overrun (the additional percentage or dollar amount by which actual costs exceed estimates) ranged from 180 percent in 1994 to 56 percent in 2004; other studies found overruns to be 33-34 percent. What is Cost and Project Cost
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OPPORTUNITY COST & THE FREE MARKET Scarcity is one of the most basic and crucial points to understand in microeconomics.1Scarcity means that we cannot have all the needs and wants to satisfy our desires. Scarcity can be applied to almost anything. Due to the scarcity of products we must make a choice of what we want. We must choose whether to do one thing or another by what we value to be most important to us. This‚ therefore‚ leads to us opportunity cost. Usually when one has to make a decision
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Name: Date: Topic: Production Possibilities & Opportunity Cost 1. The slope of the production possibility frontier shows A. the technically efficient combinations of the two goods B. how factor inputs must be changed to keep them fully employed C. the opportunity cost of one good in terms of the other D. how consumers are willing to trade one good for another 2. A. OM B. OH C. YF D. MH 3. Which of the following will not shift a country’s production possibilities frontier
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between them. If the inputs are perfect substitutes for example‚ the isoquants are straight lines‚ and the campaign manager should use only the less expensive input in this case. If the inputs are not perfect substitutes‚ the isoquants will have a convex shape. The campaign manager should then spend the campaign’s budget on the combination of the two inputs will that maximize the number of votes. 5. For each of the following examples‚ draw a representative isoquant. What can you say about
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TYPES OF COSTS Introduction :-Production is the result of services rendered by various factors of production.The producer or firm has to make payments for this factor services. From the point of view of the factor inputs it is called ‘factor income’ while for the firm it is ‘factor payment’‚ or cost of inputs.Generally‚ the term cost of production refers to the ‘money expenses’ incurredin the production of a commodity. But money expenses are not the only expensesincurred on the production
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francier which is more expensive food often with a gourmet appeal a) Comfort food b) Benchmarking c) Upscale menu d) Display cooking 2. ________________ are restaurants designed where the kitchen may be viewed by the diners. a) Comfort food b) Benchmarking c) Upscale menu d) Display cooking 3. _______________ are suppliers within close proximity to the buyer. a) Primary market b) Secondary market c) Local market d) Broker 4. ________________ also known as Central Production kitchen
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