Explain the concept of derived demand
What will be an ideal response?
The demand for business goods is ultimately derived from the demand for consumer goods. Consumer demand for businesses' end products drives their production. Production of those end products drives business demand for the inputs to those production processes.
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In the case of NAIC codes, three digit codes define:
A) a product class. B) an industry. C) a product type. D) product variants.
________ refers to monetary damages that are awarded to punish a defendant who either intentionally or recklessly injured the plaintiff
A) Reliance damages B) Consequential damages C) Punitive damages D) Nominal damages
Cardec, Inc, a leading manufacturer of car spare parts, divided its manufacturing process into two
Departments - Production and Packing The estimated overhead costs for the Production and Packing departments amounted to $14,000,000 and $20,000,000, respectively. The company produces two types of parts - Part 1 and Part 2. The total estimated labor hours for the year were 40,000, and estimated machine hours were 35,000. The Production department is mechanized, whereas the Packing department is labor oriented. Calculate departmental predetermined overhead allocation rates. Production Packing Machine hours Labor hours Part 1 10,000 30,000 Part 2 25,000 10,000 35,000 40,000 What will be an ideal response
Cooper, a trainer at D&J Inc., preaches the company's policy of prudence to all his new trainees. In the context of Hofstede's dimensions, this cultural value followed at D&J Inc. is an example of
A. low power distance. B. long-term orientation. C. high uncertainty avoidance. D. masculinity. E. collectivism.