[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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ASSIGNMENT No. 1 ECONOMIC ANALYSIS -522- SPRING 2010 Q. 1 DISCUSS IN DETAIL THE TERM ECONOMIC RESOURCES WITH REFERENCE TO SERVICE INDUSTRY. EXPLAIN THE LINK BETWEEN 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
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Tooling Business Unit (TBU) Choice of Cost System Huge Company ’s tooling business unit manufactures metal and carbon fiber parts for the company ’s major products. They currently use the Functional-Based Costing system or FBC. In this costing system they compute a combined labor and overhead cost per labor hour and charges each job based on the number of labor hours used. This labor-based charge is added to the materials cost to calculate the total job cost. TBU works for internal customers
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Jane Doe Date: March 1‚ 2012 RE: Allocation Options for Fixed Manufacturing Overhead Costs Dear Mr. Oray‚ After researching the different methods allowed for you to use in allocating the fixed manufacturing costs to the work in process and finished goods I have come to the conclusion that normal capacity is the best method for your business. First I will define theoretical‚ practical and normal capacity and then I will explain to you which allocation method must be used for financial statement
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Question One (a) Behavioural implication of planning: Employees know their roles. They comply with the specific method to act. Actually‚ a business need for strict measures. Top-down planning gives the management a feeling that they are controlling the quality. However‚ companies are likely to lose talent. Creative employees are hoping that someone noticed their talents‚ rather than to act in accordance with the instructions. Behavioural implication of control: The budget is completed quickly.
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University of Cincinnati Student Code of Conduct. Signature: Instructions: Circle your answers for the multiple choice questions on the exam. Fill out the scantron sheet carefully‚ using a #2 pencil. Your name (last‚ then first) and M number must be on the scantron sheet. Type of Question Number of Questions Points per question Suggested Time Total Points Multiple Choice 20 questions 3 points each 50 mins. 60 points You may not use any notes‚ books‚ cell phones‚ other media devices
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2 Economic Systems for Resource Allocation Decisions about resource allocation are necessary because we live in a world of scarcity. A review of the ideas listed at Key Points 1.1 and 1.2 should remind you of how central this basic premise is to the study of any branch of economics. To take a surreal example‚ when you open your front door in the early morning there are not millions of bottles of milk covering the neighbour’s lawn; nor is there no milk. There is just enough bottled milk to meet
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BIS Working Papers No 420 On the correlation between commodity and equity returns: implications for portfolio allocation by Marco Lombardi and Francesco Ravazzolo Monetary and Economic Department July 2013 JEL classification: C11‚ C15‚ C53‚ E17‚ G17. Keywords: Commodity prices‚ equity prices‚ density forecasting‚ correlation‚ Bayesian DCC. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements‚ and from time to time
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Rio Grande Medical Center Cost Allocation Concepts HCM 681 Introduction to the Financial Management of Healthcare Organizations 1. Is it “fair” for the Dialysis Center to suffer in profitability‚ and hence for the department head to possibly lose his bonus‚ just because the Outpatient Clinic needs additional space? The building of the new facility is not expected to affect revenue‚ direct cost and patient volume. The Dialysis Center will provide the same services for its patients‚ but with
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RESOURCE ALLOCATION Resource allocation refers to the distribution of resources‚ and in particular finance‚ from the centre to peripheral levels. It generally concerns broad levels of aggregated financial resources. Budgeting implies the more detailed determination of precisely how these funds are to be used. Given the importance we have placed on planning as a process that leads to action‚ budgeting and resource allocation are major planning instruments. Basis for Resource Allocation * Public
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