1.- economically, a "need" is something

that expresses a want.

that cannot be measured

is expressed in monetary units

that is required to sustain life

2.

economically, a "want" is something

that cannot be measured

that expresses a "need"

expressed in monetary units

that is required to sustain life

3.

since people must decide whether or not to make or purchase certain goods/services.

needs are limited

consumers are loyal

resources are scarce

people do not know what they want

When used-car dealers signal the quality of a used car with a warranty, a. buyers believe the signal because the cost of a false signal is high b. it is not rational to believe the signal because some used-car dealers are crooked c. the demand for lemons is eliminated d. the price of a lemon rises above the price of a good used car because warranty costs on lemons are greater than warranty costs on good used cars

What is used by accountant to analyze transactions ?

Assume that (i) setups need to be completed first; (ii) a setup can only start once the batch has arrived at the resource, and (iii) all flow units of a batch need to be processed at a resource before any of the units of the batch can be moved to the next resource. process step 1 molding 2 painting 3 dressing setup time 15 min. 30 min. no setup processing time 0.25 min./unit 0.15 min./unit 0.30 min./unit which batch size would minimize inventory without decreasing the process capacity?