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Using your favorite search engine, choose a product that you are interested in learning more about, including how the product is manufactured. After you have located information about the product, answer the following questions about it.
What is a description of the product, and what company makes it? What is the process used to manufacture the product? Name the raw materials and indirect materials used in its manufacturing. Who would be considered direct and indirect labor in the making of this product, and why? Using the cost-plus pricing approach, what target selling price would you set for the product? Explain why you chose this price. Assume you are the owner of the company that produces the product. You have been offered the option to outsource the productâs component parts instead of making them. What cost factors would need to be considered? Does it make more financial sense to outsource these parts? Explain with examples/assumptions. Assume the product was being made on an old piece of machinery that is slowing down production and causing delayed completion times. You have been given the option to either buy a new replacement piece of machinery or have this current machine reworked/repaired. Which option would you chose? What factors would be considered? State all assumptions and be sure to describe how incremental analysis would be used to make this decision.
Sample Solution
Economic freedom leads to public satisfaction. Capitalism provides more freedom, economic or otherwise, than communism. Many things attribute to economic wellbeing, such as content with the government system, the presence of innovation, competition, and global economies. Each of these essential attributes of economic wellbeing are connected to capitalism and the effects it has on the world. Capitalism is more successful in maintaining a stable government and preserving peace as opposed to communism, because capitalism gives the populous more economic freedom. Economic Paradigms such as free market capitalism, Keynesianism, and Marxism have had impacts on the Cold War. Keynesianism is the least extreme of these paradigms because it advocates for government interference in times of crisis, such as recessions. Free market capitalism is the concept of the economy being free from government control. The market is based on the needs of the producers and consumers. Milton Friedman and Adam Smith are a couple pioneers of the idea of uncontrolled economies, and the idea that the economy balances itself out. Smith believed that the economy didnât need to be tampered, because supply and demand accounted for the changes without any required tampering. This is the opposite of Marxist Economics, which is the concept that the markets need to be controlled and planned. Marxist followers believe that capitalism is simply a stage in the process required to reach the end goal of a controlled market. These are two conflicting ideas that often separate the political left side from the right. Capitalism has implications far beyond economic aspects. Countries or governments with communist economic systems have experienced more political uprisings and revolutions than countries with capitalist economies. The Cold War provides proof of how countries with capitalist economies prevail above communist economies. Hong Kong demonstrates how economic freedom leads to happier people, and happy people typically donât attempt to overthrow government systems. Capitalism is an effective method of avoiding governmental failure. The United States of America is an example of a capitalist, democratic, and relatively equal country in the world. If itâs compared directly to the Soviet Union, the United States is a progressive powerhouse. There are more equal opportunities for all different kinds of people. Even though not ev>
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Economic freedom leads to public satisfaction. Capitalism provides more freedom, economic or otherwise, than communism. Many things attribute to economic wellbeing, such as content with the government system, the presence of innovation, competition, and global economies. Each of these essential attributes of economic wellbeing are connected to capitalism and the effects it has on the world. Capitalism is more successful in maintaining a stable government and preserving peace as opposed to communism, because capitalism gives the populous more economic freedom. Economic Paradigms such as free market capitalism, Keynesianism, and Marxism have had impacts on the Cold War. Keynesianism is the least extreme of these paradigms because it advocates for government interference in times of crisis, such as recessions. Free market capitalism is the concept of the economy being free from government control. The market is based on the needs of the producers and consumers. Milton Friedman and Adam Smith are a couple pioneers of the idea of uncontrolled economies, and the idea that the economy balances itself out. Smith believed that the economy didnât need to be tampered, because supply and demand accounted for the changes without any required tampering. This is the opposite of Marxist Economics, which is the concept that the markets need to be controlled and planned. Marxist followers believe that capitalism is simply a stage in the process required to reach the end goal of a controlled market. These are two conflicting ideas that often separate the political left side from the right. Capitalism has implications far beyond economic aspects. Countries or governments with communist economic systems have experienced more political uprisings and revolutions than countries with capitalist economies. The Cold War provides proof of how countries with capitalist economies prevail above communist economies. Hong Kong demonstrates how economic freedom leads to happier people, and happy people typically donât attempt to overthrow government systems. Capitalism is an effective method of avoiding governmental failure. The United States of America is an example of a capitalist, democratic, and relatively equal country in the world. If itâs compared directly to the Soviet Union, the United States is a progressive powerhouse. There are more equal opportunities for all different kinds of people. Even though not ev>
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