Opportunity cost Have you ever been in the situation deciding which cloth to buy? Have you ever facing the dilemma of to study or to play? Have you ever consider as a seller and choose to lower the price or raise it? In the field of economics‚ here’s a solution for you. The magic word is “opportunity cost”. Opportunity cost in terms of economy is the highest-value alternative one has to give up to engage in an activity. In other words‚ using the same resources such as money and time‚ the best
Premium Economics Price Costs
Cost Methods ACC/561 September 4‚ 2013 Cost Methods Absorption costing is a process in which you relate a portion of your fixed overhead costs to the manufacturing product cost. This process will be done on a per unit term. Divide the fixed costs by the number of units manufactured and sold over the period of the term. This will give you the cost of per unit for the amount made and the amount. With the variable costing unlike the absorption costing you will use the fixed
Premium Variable cost Costs Cost
When in February 1976 Martell received the letter from McElroy‚ he was not surprised a lot. All the problems that had occurred over time‚ and punctually postponed‚ now appeared. When Martell was elected as the new president of PC&D‚ he brought his “entrepreneurial spirit” that quickly spread across the organization. This had a positive effect on the company‚ especially in terms of profitable growth. In fact it led to the creation of 11 entrepreuneral subsidiary‚ of these 4 had successfully been
Premium Subsidiary Entrepreneurship Division
warehousing and shipping cost is not really correct. The current method is direct method which ignores In term of Shipping and Warehousing cost‚ low volume products should incur this cost instead of both high volume and low volume products. Because‚ high volume products are deliveried directly to customer so it does not incur the cost of shipping. The low volume products which are sent to distribution center incurred the cost of shipping and warehousing. However‚ the cost of shipping and warehousing
Premium Value added
Cost accumulation systems Name Tutor Course College Date Generally‚ cost accumulation is the organized collection of cost data through a set of procedures and systems. According to an accounting business‚ they used a periodic cost accumulation system. This system only provides limited cost information during a certain period. The system requires end year adjustments to arrive at the cost of goods manufactured. In most cases‚ it is not considered a complete cost accumulation since the costs
Premium Inventory Costs Cost
In regards to the historic importance of following orders it in the Army‚ without the soldiers following the orders then there would be no structure and no control. Tasks that superiors and officers can’t‚ won’t‚ or don’t have time to complete will not get completed. Throughout history of this nation each unit has given orders with the thought they would get accomplished‚ without the following through of these orders many of the Army’s greatest victories could have and probably would have been defeats
Premium Military Soldier Leadership
Assignment 2: Operations Decision Managerial Economics and Globalization‚ ECO550 Operations Decision At certain times a company that produces a tangible product may have to decide if that company can continue operations and profit or if it has reached the shutdown point. Shutting down is different than going out of business; the company is simply temporarily stopping production because it would cost more to continue with production. As a management consultant hired to
Premium Costs Marginal cost Economics
compromising standards of labor performance. (T) 4. Increases in sales volume tend to improve labor productivity. (T) * As his efficiency increase‚ the cost of labor per unit produced actually decrease. * Increase in sales volume results in greater employee efficiency at lower labor cost per unit 5. The key to successful labor cost control is paying the lowest possible dollar wage.(F) May use of part-time staff‚ outsourcing 6. The local minimum wage is an amount set by a group of
Premium Costs Variable cost Employment
price sensitive over time 4. The purpose of a market in a market system is to * bring buyers and sellers into contact 5. By specializing in the production of one good‚ a company is able to benefit from economies of scale which increases its revenue. Which of the following is an attribute of specialization? * Saving time by allowing a worker to focus on one task 6. The market system promotes progress by * providing incentive for technological advances 7. Productive efficiency is achieved
Premium Costs Economics Marginal cost
of entering our nation‚ and becoming a citizen. Two similar yet very different situations have pushed us to make a decision over their lives that many never wanted to have. What to do with illegal immigrants has been a moral battleground for decades‚ causing some to say we should integrate them into our society‚ while others believe that they should
Premium Immigration Illegal immigration Immigration to the United States