Answer:
The correct answer is The study of how limited resources are allocated to satisfy unlimited wants.
Explanation:
Economics is a social science that studies how to manage the resources available to meet human needs. In addition, it also studies the behavior and actions of human beings.
Since the resources of the planet are scarce and unfortunately, not all of us can dispose of everything, we are forced to manage those goods to get what we need. Economic science involves the decision making of individuals, organizations and states to allocate these scarce resources.
The economy also focuses on the behavior of individuals, their interaction with certain events and the effect they produce on their environment. For example, the effect they produce on prices, production, wealth or consumption, among others. It is a social science because it studies human activity and behavior, which is a highly dynamic object of study. Humans are unpredictable.
Costs Benefits
1. Hire more workers 1. Set own hours of operation
2. Take on more operations costs 2. Have more space and control over appearance
3. Divide time between market and shop—or close stall at market 3. Serve more customers
4. Accept more financial risk 4. Make and sell more food items
Ezra runs a gyro stall at the local farmers' market. He would like to expand and open his own shop downtown. He has made the chart above, listing some potential costs and benefits of expansion. What concept does this chart most clearly illustrate?
Answer:
Opportunity cost
A trade-off
Explanation:
Opportunity cost measures the cost of a choice made in terms of the next best alternative foregone or sacrificed.
Trade-off arises where having more of one thing potentially results in having less of another.
Answer:
3rd option is correct
Explanation:
At first Ezra needs to divide his time between market and shop. Because when you are expanding the business it's a great risk. She needs to experiment with the shop downtown while running stall. After her experiment is successful with the shop, he can close the stall and work full time at shop. In this way he will be able to serve more customer and earn more profit which will be utilized in expansion.
On a bank's balance sheet, ________ are assets and ________ are liabilities.
a) reserves; loans and transactions deposits
b) loans and transactions deposits; reserves
c) transactions deposits; reserves and loans
d) reserves and loans; transactions deposits
Hey Friend.
C) is the answer. Transaction deposit is an asset since it increases what you already have, while reserves and loans decrease what you have, because you'll have to take out.
HEY.
C) IS THE CORRECT ANSWER.
Madison Corporation reported taxable income of $400,000 in 20 X 3 and accrued federal income taxes of $136,000. Included in the computation of taxable income was regular depreciation of $200,000 (E&P depreciation is $60,000) and a net capital loss carryover of $20,000 from 20X2 utilized in 20X3. The corporation's current earnings and profits for 20X3 would be:
A. $424,000B. $404,000C. $380,000D. $344,000
Answer:
A. $424,000
Explanation:
current income = Taxable income - Federal tax + Depreciation disallowed + net capital loss carryover
= $400,000 - $136,000 + ($200,000 - $60,000) + $20,000
= $424000
Therefore, The corporation's current earnings and profits for 20X3 would be $424000.
The Ricardian equivalence theorem states that
A. an increase in the government budget deficit has no effect on aggregate demand.
B. tax decreases and government spending increases have equivalent effects on aggregate demand.
C. increase in tax rates will reduce work effort, and thus there will be no effect on output or aggregate demand.
D. direct and indirect crowding out has the same effect on aggregate demand.
Answer: The Ricardian equivalence theorem states that : "A. an increase in the government budget deficit has no effect on aggregate demand."
Explanation: Ricardian Equivalence establishes that when the government increases the expenses financed with debt to try to stimulate the demand, this increase of the expenses does not produce any change in the demand.
This happens because the increases in the public deficit will be higher taxes in the future. Therefore, taxpayers reduce their consumption and increase their savings in order to offset the cost that will be the future tax increase.
The Ricardian equivalence theorem suggests that an increase in the government budget deficit does not affect aggregate demand because private savings offset government savings changes. Thus, no shift in national savings occurs. The correct answer to the question is A. an increase in the government budget deficit has no effect on aggregate demand.
This statement aligns with the Ricardian equivalence theorem, which posits that any increase in government borrowing leads to an equivalent increase in private savings. This offset means that overall national savings remain unchanged, resulting in no effect on aggregate demand or investment. According to this theory, people anticipate future taxes to pay off the government debt and save accordingly, neutralizing the effects of government fiscal policy.
To summarize, Ricardian Equivalence suggests the following:
The timing of taxes is irrelevant.If government spending does not change, then tax cuts or increases have no significant effect on the economy.This means that shifts in government borrowing or saving are perfectly offset by adjustments in private savings, resulting in no change in aggregate demand.
The basic difference between macroeconomics and microeconomics is:
A.microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade.
B.microeconomics concentrates on the behaviour of individual consumers while macroeconomics focuses on the behaviour of firms.
C.microeconomics concentrates on the behaviour of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.
D.microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment.
Microeconomics focuses on individual consumers and firms' behavior and their decisions in individual markets. Macroeconomics, whereas, focuses on the performance and phenomena of the entire economy such as national income, unemployment rate, and inflation.
Explanation:The basic difference between macroeconomics and microeconomics can be defined by the scope at which they operate. Microeconomics concentrates on the behavior of individual consumers and firms. It analyzes how decisions are made by these entities and how they interact with each other in individual markets.
On the other hand, macroeconomics focuses on the performance of the entire economy. It looks at the broader picture – observing phenomena like national income, unemployment rate, gross domestic product, growth rate, and inflation, among others.
So, the correct answer is C. Microeconomics concentrates on the behavior of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.
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Microeconomics focuses on the decisions of individuals and firms, while macroeconomics considers the performance of the whole economy. Microeconomics studies the behavior of individual units within the economy, while macroeconomics examines the interrelationships of different sectors in the economy on a holistic level.
Explanation:The essential difference between microeconomics and macroeconomics rests on the scale of study. Microeconomics focuses on the behavior of individual consumers and firms, examining how they make decisions and interact in markets. It studies individual units within the overall economy and how they respond to changes in price, demand, and supply. For instance, microeconomics would analyze how a specific company could maximize its production and capacity, thereby influence its price in the market.
On the other hand, macroeconomics observes the economy as a whole, focusing on larger-scale elements such as a country's Gross Domestic Product (GDP), rates of unemployment, national income, rates of inflation, and more. It evaluates how different sectors of the economy relate to each other and how the economy functions as a whole.
Therefore, answer C: 'Microeconomics concentrates on the behaviour of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.' is correct.
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Lucia and Kenji need to decide which one of them will take time off from work to complete the rather urgent task of shearing their llamas. Lucia is pretty good with a pair of shears; she can shear the llamas in 1 hour. Kenji is somewhat slow; it takes him 4 hours to shear the llamas. Lucia earns $120 per hour as a psychiatrist, while Kenji earns $20 per hour as a cobbler.
Keeping in mind that either Lucia or Kenji must take time off from work to shear the llamas, who has the lowest opportunity cost of completing the task?
a. Lucia and Kenji face identical opportunity costs
b. Kenji
c. Lucia
Final answer:
Kenji has the lowest opportunity cost of shearing the llamas because he would forgo $80, compared to Lucia's $120, in lost earnings from their respective jobs.
Explanation:
To determine who has the lowest opportunity cost of shearing llamas between Lucia and Kenji, we must consider how much income each would forgo by not working their regular job. Lucia earns $120 per hour and can shear the llamas in 1 hour, so her opportunity cost is $120. Kenji earns $20 per hour and takes 4 hours to shear the llamas, which makes his total opportunity cost $80 ($20 per hour multiplied by 4 hours).
Therefore, Kenji has the lowest opportunity cost of shearing the llamas because he would forgo less in terms of lost earnings from his job compared to Lucia. The answer to the question is b. Kenji.
f the crowding-out effect is complete, then an increase in government spending of $100 billion will generate how much more real national income? (Assume a marginal propensity to save of .25.)
Answer:
An increase in gevernment spending of $100 billion will generate $400 billion more real national income.
Explanation:
the multiplier = 1/(marginal propensity) = 1/(0.25) = 4
increase in real national income = $100 billion×4
= $400 billion
Therefore, An increase in gevernment spending of $100 billion will generate $400 billion more real national income.
A consumer will often turn to one of her formal or informal _______ groups for advice and guidance on acceptable beliefs, attitudes, and consumer behaviors. This group might be colleagues at work, team members on sports team, or a club in which she is a member.
Answer:
Reference.
Explanation:.
Reference group-people to whom an individual looks as a basis for self appraisal or as a source of personal standards.
In other words, a reference group is any person or group that serves as poitnof comparison (or reference) for an individual in forming either general or specific values, attitudes, or a specific guide for behavior.
These groups place no restrictions on group size or membership,
From a marketing perspective, reference groups are groups that serve as frames of references for individuals in their purchase or consumption decisions.
Omega Manufacturing employs some of the top professionals in its field, and because of their skills and experience, Omega is highly efficient and outperforms its competitors. Omega Manufacturing has a(n) ________ over its competition.
Answer:
Omega has a competitive advantage over its competition.
Explanation:
Competitive advantage involves factors which put a company in higher position compared to the competitors. It also referred to as competitive edge. There are types of competitive advantage which include cost, differentiation, and people. Omega manufacturing falls under the third category as it has gained a competitive edge by investing in top professionals in order to give a cut-throat competition to the rival companies.
Sally Mitchell works as a manager at an environmental organization. She is currently working on a global warming project and decides which tasks related to creating awareness about the issue need to be done. In addition, she is also deciding which members of her team will work on engaging with the public and which will work on lobbying with the government. She is also assigning people as team members to ensure that tasks are undertaken on time. Which of the following categories of functions is Mitchell undertaking?
A) planning
B) organizing
C) scrutinizing
D) controlling
E) envisioning
Answer: Organizing
Explanation: Organizing is the process of establishing authority within the organisation so that the operation could be performed efficiently. It can also be defined as the process under which a single work is divided among different individuals.
In the given case, Mitchell is assigning people work as per their qualities and is also establishing authority relationships.
Thus, we can conclude that Sally is performing organizing function.
Which of the following does not describe some of the functions of the Federal Reserve Bank? A. Regulates the money supply and intervenes in foreign exchange markets. B. Acts as the government's fiscal agent, supervises banks and acts as a lender of last resort. C. Supplies the economy with fiduciary currency, provides a system for check clearing and holds depository institutions' reserves. D. Acts as a medium of exchange, a unit of accounting, a store of value and a standard of deferred payment.
Answer: Option (D) is correct.
Explanation:
Federal Reserve Bank is the reserve bank of united states. There are some functions of central bank such as:
(a) Banker's Bank
(b) Monetary regulatory authority
(c) Lender of last resort
(d) Controller of credit
(e) It is a clearing house for the transfer and settlement
Option (D) explain the functions of money and these functions are not related with the Federal Reserve Bank.
A business renders services to a client and issues a sales invoice. The amount will be collected from the customer at a later time. Which of the following is true at the time the invoice is issued?
a) net income will increase
b) total liabilities will increase
c) total assets will decrease
d) equity will decrease
Answer:
a) net income will increase
Explanation:
According to my research on different financial processes, I can say that based on the information provided within the question in this situation net income will increase. This is because at the time the sales invoice is issued, the client has not paid. Therefore once he pays in the future the business will receive that money and in term cause the net income to increase. Net income is what remains of a company's revenue after subtracting all costs, in other words the earnings of the business.
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Answer:
Option d) equity will decrease
Explanation:
The value of goods and services have a certain shelf-life. In other words, the goods have their highest value whilst they are on the shelves or before the invoice is issued out. This is the equity of the property or services. However, as soon as that invoice is written down, the value of the goods will not be equal, in some cases, to how they were a few days ago. Here is an example:
When someone's house is worth $ 200 000 and the person owes the back $ 180 000. The house has an equity of $ 20 000.
As the chief executive officer of Hayden Corp., Kim found an effective way to reward high-performing employees and boost their morale during an economic downturn. Which of the following management functions was Kim engaged in?
a. Planning
b. Organizing
c. Leading
d. Controlling
Answer:
c. Leading
Explanation:
According to my research on the different management functions, I can say that based on the information provided within the question the management function that Kim is engaged in is called Leading. This is the act of a manager influencing or motivating his/her employees so that they perform at optimal capacity in order to achieve the organizational goals. Which is what Kim is doing by looking for a way to reward the best employees.
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Kim, as the CEO, was engaged in the management function of leading by finding ways to reward high-performing employees and boost morale.
Explanation:As the chief executive officer of Hayden Corp., Kim's engagement in finding an effective way to reward high-performing employees and boost their morale during an economic downturn aligns with the management function of leading. Leading involves motivating staff, communicating the company's vision, and leading by example to drive the execution of business strategies. In this context, boosting morale and rewarding employees are actions that fall under the purview of leadership.
The Bigdrill company drills for​ oil, which it sells for​ $200 million to the Bigoil company to be made into gas. The Bigoil​ company's gas is sold for a total of​ $600 million. What is the total contribution to the​ country's GDP from companies Bigdrill and​ Bigoil
Answer:
The total contribution to the​ country's GDP from companies Bigdrill and​ Bigoil is $600 million.
Explanation:
GDP = market value of the goods and services
= $600 million
Therefore, the total contribution to the​ country's GDP from companies Bigdrill and​ Bigoil is $600 million.
_____ constitute one of the most important elements of internal control, including separating responsibilities for related operations. A. Control procedures B. Risk assessment activities C. Risk monitoring procedures D. Information and communication activities
Answer:
A. Control procedures
Explanation:
Internal controls are the mechanisms, rules, and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability and prevent fraud.
An international business is defined as Multiple Choice one that implements homogenous practices across countries. the basis for a multinational enterprise. a business that is restricted by U.N. regulations. any firm that engages in international trade.
Answer:
one that implements homogeneous practices across countries.
Explanation:
The process of trading across the national boundaries are said to be an international business. The business process like trading of the good and services and the process of technological and capital investment globally fall under the practice of international business. The transactions of the goods and services are practiced across the borders. Globalization is another term of international business.
Jones Co. borrowed money that is to be repaid in 12 years. So that the loan will be paid back at end of the 12th year, the company invests $8,000 at end of each year at 5% compounded annually. The amount of the original loan was :
a. $127,336.80
b. $70,905.60
c. $127,636.80
d. $70,950.60
Answer:
The amount of the original loan was :
b. $70,905.60
Explanation:
Loan Amount 70.905,60
Annual Interest Rate 5,00%
Term of Loan in Years 12
First Payment Date 31/10/2018
Payment Frequency Annual
Compound Period Annual
Payment Type End of Period
Annual Payment 8.000
Economic decisions are made at every level in society. When we try to decide which production method to use among several alternatives, which of the following key economic questions are we trying to answer?
Answer: How to produce ?
Explanation: This question relates to the problem of choosing between labor intensive and capital intensive technique for the process of production.
This questions makes economists analyze what factor of production is relatively cheap, that is, capital or labor. If the capital is cheap then production should be done using capital intensive technique.
Otherwise, if the labor is easy and cheap to get than labor intensive technique should be adopted.
Panache, a fashion design company, organizes an online contest. Participants are asked to design women’s apparel to be posted on a social media website where its members can vote and provide feedback. Based on those votes, Panache will announce the winner and offer that individual a job at its firm. In this scenario, Panache is involved in
A. brandjackingB. taggingC. bloggingD. crowdsourcing
Answer: Crowd sourcing
Explanation: In simple words, crowd sourcing refers to collection of data or opinions from a large number of internet users. These users often do this as freelancer or voluntary basis.
In the given case, Panache's contest to design women apparel would provide them with designs and a suitable employee for their company.
Hence, from the above we can conclude that the correct option is D.
If opportunity cost were to suddenly increase, total cost would a) decrease and net benefit would increase. b) decrease and net benefit would decrease. c) increase and net benefit would increase. d) increase and net benefit would decrease.
Answer:
The correct answer is option d.
Explanation:
The total economic costs include both explicit as well as implicit costs. The explicit costs are the direct costs incurred and the implicit costs are opportunity costs.
An increase in the opportunity cost will cause the total economic costs to increase. The net benefit is the difference between the total revenue earned and the total cost incurred. An increase in the opportunity cost will cause a net benefit to decrease as total costs will increase.
If opportunity cost were to suddenly increase, total cost would increase and net benefit would decrease.
Explanation:If opportunity cost were to suddenly increase, the total cost would increase and the net benefit would decrease.
Opportunity cost refers to the value of the next best alternative that is given up when making a choice. When the opportunity cost increases, it means that the potential benefits from choosing an alternative option become more valuable, resulting in higher costs and lower net benefits.
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Outsourcing companies must accept some loss of control when hiring other organizations to perform certain services. A disadvantage related to the loss of control is that it __________.
Answer:
The correct answer is It is not easy way of exiting the outsourcing agreement
Explanation:
Subcontracting is a business process through which a company transfers responsibility for its external tasks to another company specialized in that task.
The subcontracted company is one that by means of an agreement with another company (usually called a contractor or client) carries out the performance of certain activities and services. The way in which this commercial relationship develops is usually defined previously by means of a contract. Sometimes the name is used in English, outsourcing.
It is also common to call this type of subcontracted companies as subcontractors or suppliers. Usually outsourcing serves as a very recurring formula when outsourcing the company's activities.
In the globalized business environment in which we currently live, the outsourcing of productive processes is becoming more frequent by outsourcing activities that companies do not consider key to the level of competition and attending to the main activity in which they work.
In that sense, outsourced companies enjoy certain advantages that help them be useful in the market and meet various needs and services instead of other companies.
Which type of company enjoys the benefit of passing along deductions and credits of the company on to partners to file on their individual tax returns? The credits and deductions of this type of business entity are divided by the percentage of individual interest each partner has in the company.
Answer:
The correct answer is Limited Liability Partnerships.
Explanation:
A Limited Liability Company is a type of mercantile company, in which the liability is limited to the capital contributed, and therefore, in the event that debts are incurred, it does not respond with the personal assets of the partners, but to the one contributed in said Limited company. It presents as a capitalist-type society in which capital, which will be divided into social interests, will be integrated by the contributions of all partners, who will not respond personally to social debts.
Social ACTIONS are not equivalent to the actions of corporations, as there are legal obstacles to their transmission. In addition, they do not have a "value" character and cannot be represented by means of securities or account entries, and their transmission by means of the public document that will be registered in the partner register book is mandatory. It will be constituted in a public deed and subsequently in the registration of the commercial register, at which time it acquires legal personality.
A partnership is the business structure where deductions and credits are passed to partners to file individually, based on their respective interest in the company. Partnerships allow for flow-through taxation, which is different from corporate taxation where the corporation is taxed separately.
Explanation:The type of company that enjoys the benefit of passing along deductions and credits to the partners to file on their individual tax returns is a partnership. In a partnership, the business itself is not taxed on its profits. Instead, each partner is taxed on their share of the partnership's income. The profits and losses of a partnership are shared among the partners according to their ownership interest in the business. This arrangement allows for the direct flow-through of income and tax benefits, which makes the administration of taxes in a partnership simpler compared to corporation taxes, where corporate entities pay taxes at the company level, and shareholders are then taxed on dividends.
Partnerships are subject to little government regulation and can raise more capital than a sole proprietorship due to combined assets from all partners. While corporations provide limited liability to their shareholders, partnerships do not, and thus partners are usually liable for losses incurred by the partnership. This makes it essential for partners to have proper insurance to protect against personal liability.
A single public utilities company is responsible for supplying electricity for an entire state. As a result, the utilities company can set the price of electricity.
True / False.
Answer: True
Explanation: Because the company is the sole supplier of electricity in this market, they have all the market power. Market power is the ability the company has to manipulate the market by influencing prices, the level of supply it provides and thus the demand within that market. Companies within markets such as these are known as "price makers", because they are able to change prices of their goods without losing market share.
Because the public utilities company is the sole provider of electricity within this market, they have no pressure or competition from other suppliers within the market. Therefore they have the market power to freely charge higher prices by limiting the supply of electricity. Or charge lower prices by over supplying electricity to consumers.
Italy and India are countries that trade with each other. If Italy has a comparative advantage in cell phones and India has a comparative advantage in hats, which of the following is a correct statement about the effects of trade between these nations?
A. Italy will lose jobs in the cell phone industry.
B. Both countries are likely to be better off, and world production will increase.
C. There will be a net loss of employment in India.
D. Both countries will lose jobs through trade and be worse off.
Answer: Option B
Explanation: It would be better for both the countries to trade with each other. India will save its opportunity cost of producing cell phones and Italy will save it on production of hats. Also the employment will increase in both countries in the relative sector in which they have competitive advantage over the other.
Thus, from the above we can conclude that the correct option is B.
Final answer:
The correct statement is that both countries are likely to be better off, and world production will increase. This is because trade based on comparative advantage benefits both countries, encouraging them to specialize in goods where they have a comparative, not necessarily an absolute, advantage. The correct option is B. Both countries are likely to be better off, and world production will increase.
Explanation:
If Italy has a comparative advantage in cell phones and India has a comparative advantage in hats, the correct statement about the effects of trade between these nations is that both countries are likely to be better off, and world production will increase. This outcome aligns with the principle that trade based on comparative advantage can make everyone in both countries better off after trade. Additionally, it is understood that the higher price received for each country's comparative advantage good would lead each country to specialize in that good, necessitating labor to move from the comparative disadvantage industry into the comparative advantage industry.
In theory, although this specialization means that one industry goes out of business in each country, the model assumes full employment and costless mobility of labor, suggesting that all displaced workers will find new employment in the specialized industry. Furthermore, even if one country has an absolute advantage in all goods, it can still benefit from trading with another country, because gains from trade come from specializing in one's comparative advantage, not absolute advantage.
A cost-cutting project will decrease costs by $37,400 a year. The annual depreciation on the project's fixed assets will be $4,700 and the tax rate is 34 percent. What is the amount of the change in the firm's operating cash flow resulting from this project?
Answer:
What is the amount of the change in the firm's operating cash flow resulting from this project?
26018
Explanation:
Change in operating cash flow =37000*(1-0,34)+(4700x.34)
=24420 + 1598
=26018
In a contingent contract
A. monitoring is not possible.
B. the principal will be at a disadvantage.
C. the payoffs are dependent upon another variable, such as revenue or profit.
D. the risk neutral party bears the risk.
Answer:
C. the payoffs are dependent upon another variable, such as revenue or profit.
Explanation:
Contingent contracts are one of the types of contracts in which the promisor offers the responsibility only when the distinct conditions are satisfied. It works on the occurrence or non-occurance of the specific event. It relies on the happening of an unpredictable event. The contingent contract becomes void in the case when the happening of the event grows impossible.
_______________ is a cost-effective way that many companies outsource the production of goods, such as clothing, shoes, and cell phones. The domestic firm contracts with a foreign company to produce and private-label the goods, because the price is much cheaper than the domestic firm could produce in its' home market.
Franchising
Foreign direct investment
Contract manufacturing
Exporting
Answer:
Contract manufacturing
Explanation:
A contract manufacturer is a company for parts or product lines that contracts with a corporation. It's an subcontracting type.
Businesses can make profit by collaborating with a supplier who already understands the production process, may have specialized in the suitable machinery and operates comparable but non-competing products in their plant in order to benefit from efficiency gains.
Your Business Law professor believes that law is "discovered" by humans through the use of reason and choosing between good and evil. She points to the U.S. Constitution as an example of her philosophy.
Your professor most likely subscribes to which school of philosophy?
Answer:
The answer is: Ethics or Moral Philosophy
Explanation:
Ethics (or moral philosophy) can be described as the study of morality. This basically establishes that ethical behaviour is good/right. On the contrary, bad behaviour is unethical. It deals with the concepts of right and wrong.
If we read the preamble of the U.S. Constitution:
"We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America."
We can basically see a lot of good and ethical intentions. At the time it was written, no other country in the world considered their citizens as highly and respected as the U.S. did.
On Saturday morning, you rank your choices for activities in the following order: go to the library, work out at the gym, have breakfast with friends, and sleep late. Suppose you decide to go to the library. Your opportunity cost is__________
Answer:
work out at the gym
Explanation:
Opportunity cost may be explained as a situation where a positive loss is made in selecting one alternative from the list of other alternatives.
Here it is given the list of activities in a serial order :
1. go to the library
2. work out at the gym
3. have breakfast with friends
4. sleep late
So out of these four options or alternatives, one activity has to be chosen. And we decide to go the library as an activity to be accomplish.
By doing this we loose a potential gain from the other alternatives by choosing a certain option. That is by going to the library we lost the opportunity of going to the gym and doing exercise which is beneficial for our health.
Thus, the answer is work out at the gym.
Clay, "a production manager, believes that some of his workers are unhappy with their job, so they are not working as hard as they could be. Which principle should Clay apply"
Answer:
The answer is: Develop a positive work culture
Explanation:
Ever since the Hawthorne experiments by Elton Mayo way back in the 1920´s it has been proved over and over again that happy and positive employees are more efficient, have lower staff turnover, are more creative, etc.. Simply they are better workers.
It is not always easy to achieve the goal of a happy working environment and there is no formula for doing so. Management knows the benefits (better recruitment, worker loyalty, higher job satisfaction, more job collaboration, better morale, less stress, better work performance, etc) but not everyone can make it happen.
Some ideas about how to make a positive work culture include:
Let every employee know the vision of the company and the values the company stands for. Hire the right people.Make employees feel part of the unique story of the organization. The company must practice its values. Create a work environment were employees can connect with each other not only for working reasons but also on informal levels. And many more that can be unique for every company (i.e. Google is famous for offering its employee lots of perks)Clay should apply Theory X to address potential worker dissatisfaction by focusing on incentives and recognition to improve productivity, based on McGregor's theories. Employee satisfaction and productivity are improved when rewards align with efforts, as per research.
The principle that Clay should apply in this situation is Theory X. Theory X, as identified by McGregor, suggests that managers who believe employees are lazy and need to be controlled through threats or punishments will create rigid work environments. Employees under Theory X are assumed to lack ambition and initiative.
This theory contrasts with Theory Y, which presents a more positive view of employees' attitudes and behaviors, assuming they are motivated and enjoy work. Applying Theory X, Clay should consider addressing potential dissatisfaction among workers by focusing on incentives, recognition, and clear expectations to improve productivity.
Workers tend to be happier and more productive when they perceive their efforts are adequately rewarded, as stated by research. Creating a work environment that aligns rewards with employees' efforts can lead to increased job satisfaction and performance.