Asked by Aaron Russell on Jun 22, 2024
Verified
Payments that a firm makes to obtain needed resources comprise its
A) costs.
B) profits.
C) capital.
D) revenues.
Needed Resources
Essential materials, funds, or personnel required for the execution of a project or the operation of an entity.
Payments
Transactions or transfers of money from one party to another, typically in exchange for goods, services, or to fulfill a financial obligation.
Costs
The expenditure of resources, such as time, labor, and materials, required to achieve an objective or the production of goods and services.
- Grasp the relationship between firms' payment for resources and their overall costs and revenues.
Verified Answer
AM
Alexis MiddletonJun 26, 2024
Final Answer :
A
Explanation :
Payments made by a firm to obtain the resources necessary for its operation are referred to as its costs. These can include payments for raw materials, labor, rent, and utilities, among other things. Profits are what the firm earns after subtracting its costs from its revenues, capital refers to the financial assets needed for the firm to operate, and revenues are the total income generated from normal business operations.
Learning Objectives
- Grasp the relationship between firms' payment for resources and their overall costs and revenues.