Business Questions and Answers

Business

The Economic cost is the monetary value of all resources employed in the course of business. It also refers to the opportunity cost of the inputs used in the enterprise. For example, a business...

Latest answer posted December 18, 2015 3:43 pm UTC

3 educator answers

Business

Americans call a "pay-in slip" a "deposit slip." This is a preprinted form which is the size of a standard check and typically comes in the back of the checkbook. It has the customer's name and...

Latest answer posted September 8, 2019 10:07 pm UTC

3 educator answers

Business

A monopoly is an economic market structure in which a single individual or a corporation is the only seller of unique goods and services; the seller has no other competitors and enjoys the...

Latest answer posted January 15, 2021 6:13 am UTC

3 educator answers

Business

Efficiency involves using the least amount of resources in order to achieve the greatest results. Scheduling tools that measure the number of people needed to service the customers in a store is...

Latest answer posted February 13, 2020 1:41 am UTC

6 educator answers

Business

There are a number of different pricing strategies which account for different competitive landscapes. Pricing strategy is an incredibly important aspect of the marketing mix. Cost-plus pricing is...

Latest answer posted March 25, 2020 10:37 pm UTC

3 educator answers

Business

The terms listed are payment terms. Payment terms are defined as the time period within which a firm expects payment for goods or services rendered. The terms listed above are defined as: 1/15,...

Latest answer posted March 30, 2019 3:00 pm UTC

1 educator answer

Business

Direct materials are those that are used directly in the production process and are reflected in the final product. For example, timber would be a direct material in the production of furniture. In...

Latest answer posted November 21, 2018 10:17 pm UTC

2 educator answers

Business

It might be strange to think of reserves as constituting a liability. After all, reserves are supposed to be a good thing. If we have reserves of money, then we have money. Shouldn't the presence...

Latest answer posted June 9, 2020 3:48 pm UTC

5 educator answers

Business

Wal-Mart does not qualify to be referred to as a monopoly because it is not the only giant retail chain in the market. Monopolies exist within markets as sole suppliers of products and services....

Latest answer posted December 8, 2017 10:50 am UTC

2 educator answers

Business

The role of a consumer is not just important in an economic system—it is essential. Without the consumer, the economic system could not function, since the entire process of production takes place...

Latest answer posted March 27, 2021 6:53 pm UTC

5 educator answers

Business

Almost all of the time marginal cost and variable cost are not equal. Marginal cost refers to the amount of money a business has to pay to produce more of something. Variable cost connects to the...

Latest answer posted March 28, 2021 5:30 pm UTC

5 educator answers

Business

A free market, or market, economy is one which allows the market to do as it pleases and essentially lets the science of economics dictate how business perform. A market economy was much more...

Latest answer posted September 8, 2019 10:12 pm UTC

2 educator answers

Business

A business's external environment is very important to its success. Companies can adjust their plans according to changes in the external environment. For example, lower interest rates may lead a...

Latest answer posted January 12, 2020 4:41 pm UTC

4 educator answers

Business

Informal groups are social structures which connect people naturally over a period of time. In the business place informal groups can be seen as “cliques” of individuals who come together based on...

Latest answer posted January 30, 2015 4:59 pm UTC

2 educator answers

Business

Distinctive competence refers to the core skills and practices that increase the competitiveness of an organization and make it different from its competitors. An organization's competitors cannot...

Latest answer posted June 21, 2017 1:02 pm UTC

2 educator answers

Business

Basically, entrêpot trade is the process of re-exporting goods that have been imported into a country without the package having undergone any repackaging or additional processing. When translated,...

Latest answer posted August 8, 2018 9:18 pm UTC

2 educator answers

Business

The break even point is the point at which a company's revenues equal its expenses for a certain time period. To calculate the break even point for sales, you need to know the fixed costs (costs...

Latest answer posted June 24, 2017 9:55 pm UTC

2 educator answers

Business

Businesses are essential to a nation's development because: They offer job opportunities to the citizens of that nation. This in turn helps the people to generate incomes and improve their living...

Latest answer posted June 22, 2015 9:54 am UTC

2 educator answers

Business

A global network is a wide area network (WAN) that covers the globe—which, when it comes to network size, is about as wide as you can get. Computers on a global network can be linked wirelessly or...

Latest answer posted January 20, 2018 9:23 pm UTC

2 educator answers

Business

Producers are very important in an economic system. Producers make the goods and services that are sold in the economy. They also provide jobs for people who make the products or who provide the...

Latest answer posted June 27, 2016 2:44 am UTC

3 educator answers

Business

Operations management involves managing business processes that occur during the conversion of inputs, which include raw materials and labor, into outputs in the form of goods and/or services. From...

Latest answer posted May 16, 2016 10:58 am UTC

2 educator answers

Business

Employers are not technically required to give employees vacation time, but most do, for the simple reason that giving employees time off motivates them and serves as a perk of the job. (Employers...

Latest answer posted June 26, 2017 12:05 am UTC

1 educator answer

Business

A bank is a financial establishment that stores, invests, and lends out money. Banks make money by giving out loans at higher rates than the cost of the money itself. More specifically, they are...

Latest answer posted February 17, 2019 10:39 pm UTC

2 educator answers

Business

One very critical reason that business is important to the overall economy is that the business sector provides goods and services to consumers that the government either does not provide or feels...

Latest answer posted January 16, 2021 3:07 pm UTC

5 educator answers

Business

Compassion and empathy should be inherent in managers. As such, they ought to modify working arrangements when applicable to meet the needs of the organization and employees. In the difficult...

Latest answer posted June 3, 2016 7:59 pm UTC

1 educator answer

Business

Quality assurance can create competitive advantage in several possible ways. The first and most obvious is that buyers, whether individual consumers or other businesses, prefer reliable, consistent...

Latest answer posted November 27, 2017 6:52 am UTC

2 educator answers

Business

I would argue that there are more differences than similarities between Maslow's Hierarchy of Needs and McGregor's Theory X and Theory Y. The common denominator is that they are ways of explaining...

Latest answer posted September 21, 2020 9:53 am UTC

3 educator answers

Business

The four steps in the control process are: Establishing Standards and Methods for Measuring Performance; Measuring the Performance; Determination of Whether the Performance Matches the Standard,...

Latest answer posted December 7, 2012 7:29 pm UTC

1 educator answer

Business

Let's begin by defining our terms. A plan sets the course for an organization's actions over time, setting goals and defining objectives (tasks that help to meet goals). Plans can be either...

Latest answer posted January 25, 2021 4:45 pm UTC

5 educator answers

Business

What, indeed, is the importance of middlemen in the world of business? Middlemen, by definition, are an added layer within a commercial process that may or may not facilitate a transaction at the...

Latest answer posted June 26, 2017 2:33 am UTC

2 educator answers

Business

There are several advantages and disadvantages to organizational charts, assuming a company large and complex enough to want such a chart. "Mom and Pop" enterprises usually function well without...

Latest answer posted July 5, 2012 2:48 pm UTC

1 educator answer

Business

A good definition of a global society entails two key elements. First, the notion of global is essential. In other words, global societies cannot be about one nation, no matter how big or...

Latest answer posted August 16, 2015 5:26 pm UTC

3 educator answers

Business

The four main functions of a supervisor are planning, organizing, leading, controlling. To understand the role of supervisor, it is first critical to understand that supervisor duties are...

Latest answer posted June 15, 2013 9:24 pm UTC

1 educator answer

Business

The biggest difference between profit and added value is that the former is much easier to quantify. Profit equals the cost of sale minus costs of production, transportation, and marketing. If a...

Latest answer posted August 1, 2018 2:41 am UTC

1 educator answer

Business

For businesses, branding is a powerful tool and consumers will often pay more for a branded product than an unbranded one. Here are some reasons that account for this trend: Consumers associate...

Latest answer posted February 15, 2017 10:09 am UTC

2 educator answers

Business

The way managers think used to be governed by a very industrialized way of thinking, known as "Taylorism." Taylorism takes a scientific approach to workers, training them to do a specific job...

Latest answer posted September 18, 2018 9:23 pm UTC

2 educator answers

Business

By definition, HRM or Human Resources Management is the same around the world. It is the department of any company involved in attracting, recruiting, training, and retaining the best possible...

Latest answer posted September 21, 2020 9:21 am UTC

5 educator answers

Business

Knowing and understanding the culture of the one or more with whom you're communicating is the least one can do to be prepared to communicate on any level. From the most informal conversation to...

Latest answer posted September 21, 2010 7:41 pm UTC

2 educator answers

Business

Douglas MacGregor defined Theory X and Theory Y, which are differing assumptions about human behavior in the workplace. Theory X asserts that people dislike work and require discipline and control...

Latest answer posted July 1, 2017 12:09 am UTC

2 educator answers

Business

The sociocultural environment of a business is the customs and values that guide the business’s practices. It is created by the demographic characteristics of its leaders along with its employees....

Latest answer posted July 30, 2018 4:36 pm UTC

2 educator answers

Business

Consideration behavior and initiating structure behavior are both ways of working toward a goal. However, consideration behavior focuses on people, while initiating structure behavior focuses on...

Latest answer posted September 29, 2018 2:59 pm UTC

1 educator answer

Business

Vouching is the process of verifying the information recorded in the company's books of accounts. When vouching, auditors use receipts, vouchers, and any other document used as proof of transaction...

Latest answer posted October 12, 2018 9:47 am UTC

2 educator answers

Business

Alderfer's ERG theory can be used to explain someone's motivation to work in a job because the theory is applicable to many different narratives of employees. An effective manager has to...

Latest answer posted June 26, 2013 2:15 pm UTC

1 educator answer

Business

The marketing concept asserts that businesses are required to focus on the consumers' needs and wants so they can offer products or services that will satisfy these needs better than the...

Latest answer posted August 7, 2015 3:03 pm UTC

3 educator answers

Business

There are several different ways the term "commercialization" is used. The advantages and disadvantages of it depend on the type of commercialization to which you are referring. One area is...

Latest answer posted February 15, 2016 8:40 am UTC

3 educator answers

Business

A service culture involves training and rewarding an organization's employees for creating a culture that puts customers first. In an organization with a service culture, employees who interact...

Latest answer posted June 25, 2017 3:22 pm UTC

1 educator answer

Business

A monopoly firm is a price-maker simply because the absence of competition from other firms frees the monopoly firm from having to adjust the prices it charges downward in response to the...

Latest answer posted April 8, 2018 12:38 am UTC

2 educator answers

Business

When we learn, we typically go through two phases: input and output. Input is the process of learning the content—this would be taught through lessons, reading, listening to lectures, being...

Latest answer posted March 3, 2019 9:24 am UTC

2 educator answers

Business

Management is comprised of a body of managers or a group of individuals responsible for providing leadership to various departments in a company. Management has several roles in a company, but...

Latest answer posted October 4, 2016 5:40 pm UTC

1 educator answer

Business

From a business standpoint, standardization refers to the practice of maintaining some level of consistency in the product or service that a company provides. You’ve probably heard the term applied...

Latest answer posted May 1, 2016 1:46 pm UTC

1 educator answer

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