Question

Give economic terms.


1) The cost incurred by firms to promote sales.

2) The difference between export value and import value.

3) Utility created due to change in the structure of given material.

4) Price determination of factors of production for contributing to the production process.

5) The demand for commodities to satisfy the human wants directly.​

Answer 1

Answer:

1. A promotion expense is a cost companies incur to market their products or services to consumers. Companies engage in promotion expenses in order to boost sales and revenue. Promotion expenses are deducted from revenue on the income statement.
2. The difference between exports and imports is called the balance of trade. If imports are greater than exports, it is sometimes called an unfavourable balance of trade. If exports exceed imports, it is sometimes called a favourable balance of trade.
3. Form Utility:
4. When utility is created and or added by changing the shape or form of goods, it is form utility. When a carpenter makes a table out of wood, he adds to the utility of wood by converting it into a more useful commodity like furniture. He has created form utility

5.Consumption Goods are those goods which yield satisfaction directly. They are used by the consumers to satisfy their wants correctly -e.g., food, clothing, pen, ink, etc. They are also called Goods of the First Order.

Answer 2

Answer:

1) Selling cost

2) Balance of trade

3) Form Utility

4) ?????

5) Consumption