Determine if management made the correct decision to not process the table cleaner further by doing the following.
(1) Calculate the company’s total weekly gross profit assuming the table cleaner is not processed further.
Total weekly gross profit $enter total weekly gross profit in dollars
(2) Calculate the company’s total weekly gross profit assuming the table cleaner is processed further.
Total weekly gross profit
Answers
Weekly gross profit if not further processed = $100,700
weekly gross profit if it is further processed = $125,100
For answering the questions first we have to make a table for analysation of all the products of both the cases
Kindly refer to the tables attached
As we can see that gross profit in further processed column is higher than in not to further process column.
So management made the wrong decision as they had a loss of $24,400.
Hence , it should have been processed further.
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Related Questions
As a student of Business Ethics and a managing director of a multinational company, discuss five (5) factors you will consider in managing the multi-cultural and diversified workforce in Ghanaian business organizations.
Answers
Diversity withinside the place of the job means the recognition and inclusion of personnel of all backgrounds. Various background of job workers is an essential asset because it recognizes the individual strengths of every worker and the capacity they bring.
What are the factors to be considered for managing diversity?
The organization wishes to keep in mind whilst handling various groups of workers are:
diversity in Openness.Management of emotion Management of conflictsCultural understandinghence, to manage a multi-cultural and diversified workforce in Ghanaian business organizations, these above-mentioned factors are to be considered.
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14. All are the reasons for market segmentation except: A. buyers are too numerous B. buyers are too varied in their needs and buying practices C. buyers are too widely scattered by demographics D. capability of companies managerially and financially E. none of the above
Answers
The correct option is E). None of the above as rest of the options are reasons for market segmentation.
What is market segmentation?Market segmentation refers to process of dividing the broad market into sub groups on the basis of needs, priorities, common interest etc.
The main elements of the market segmentation are demographic, psychographic, behavioral, geographic, and firmographic segmentation.
Market segmentation allows to target the specific audience rather than targeting entire audience.
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How do you think something like the WTO can impact State Sovereignty, if at all?
Answers
To what degree a state's Legal Sovereignty is affected by its participation in the World Trade Organization depends on whether we adopt a "revocability-based conception" or a "veto-based conception" of state sovereignty. This is further explained below.
What is Sovereignty?Generally, Sovereignty is simply defined as the power of a state to exert control over itself or over another nation.
In conclusion, Whether or not WTO participation impacts Legal Sovereignty of a state is contingent on whether we use a "revocability-based conception" or a "veto-based conception" of state sovereignty.
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604 | Business Statistics 10. If 2A + B = 12 -3 [13 22] and 3A - 4B 7 [2, 10]. 21 11 604 | Business Statistics 10. If 2A + B = 12 -3 [ 13 22 ] and 3A - 4B 7 [ 2 , 10 ] . 21 11
Answers
2A + B = 12 -3 [1,
3 22] ,3A-4B
5A+z5B
The conventional retail inventory method is based on
Answers
Answer:
the relationship between a product's cost and its retail price. This method is used by businesses to get an idea of the cost of goods they have on-hand at the end of a particular reporting period.
Explanation:
Answer:
the relationship between a product's cost and its retail price
which of the following statements accurately describes a quality performance feedback session? a. supervisors must establish mutual trust and be vulnerable to challenges from the employee. b. it will not create stress for supervisors or employees. c. supervisors should begin the session with negative feedback to get it out of the way early. d. critical feedback is unnecessary and should be avoided.
Answers
Option A, in which supervisors must build mutual trust and be open to employee challenges, is the appropriate response to this.
What is feedback?When a system's outputs are used again as inputs in a cause-and-effect circuit or loop, this is known as feedback. The system is said to feed back on itself in this case.
Educator, Sponsor, Coach, Counselor, and Director are the five primary supervisory responsibilities.
Hence, option A is correct.
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Consider a business in your neighborhood that you frequent and that you believe is particularly innovative in spite of the products or services themselves not being particularly high-tech. Using the definitions and notions from the text, explain what it is about the business and its operation that you believe makes it innovative?
Answers
Ultimately innovativeness is about using novel
methods and techniques to address a problem
which is an old and existing one. So this grocery store tries to solve the old problem of increasing revenue and increasing customer satisfaction by:
-Leveraging social media
-Newer store designs and aesthetics associated with
the stores
-Innovative campaigns to invite customers
So basis these criteria, the grocery store is
innovative and inventive in its approach.
Please hit the thanks button :)
In my opinion, I think that each and every child should get an education at school. (rewrite and reduce to 9 words)
Answers
In my opinion, every single child needs an education.
(1) (2) (3) (PUNC.) (4) (5) (6) (7) (8) (9)
Grammar ⇒ √
A good education teaches children to think critically, communicate effectively, solve problems, and work well in groups. It also prepares children to make positive contributions to society as adults by teaching them the value of being ethical citizens who care about their communities.
What is education?Education is a deliberate activity with specific goals in mind, such as knowledge transmission or the development of skills and character traits.These goals may include increasing comprehension, rationality, kindness, and honesty.Education includes both the act of imparting knowledge to others and receiving knowledge from others.Education can also refer to the knowledge gained through schooling or instruction, as well as the entire teaching institution.A true education is defined as "giving a student enough knowledge to be successful in life after they graduate from high school." The goal of school is to provide students with a true education, but as time passes, the old methods of doing so must as well.To learn more about education, refer to:
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McCallister's just purchased $16,500 worth of inventory. The terms of the sale were 1/15, net 45. What is the implicit interest?
Answers
The implicit interest based on the information given is $165.
How to calculate the interest?It should be noted that the implicit interest is calculated as:
= Inventory worth × Discount rate
= $16500 × 1%
= $165
Therefore, the implicit interest based on the information given is $165.
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Suppose that you want to train a group of engineers how to use their left brains to think more logically and use sequential plans to help them make decisions. Which of the following activities would help engineers get in touch with their left brains? Check all that apply.
Answers
The activities that would help engineers to get in touch with their left brains are:
Have the engineer set goals for attaining their tasksWhat does the left part of the brain do?This is the part of the human brain that is considered to be logical. This is the part that is used for writing, reading and also doing calculations.
The engineer would be have to get in touch with their left brains through the setting of goals.
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define the income elasticity of demand
Answers
Answer:
Income elasticity of demand is an economic measure of how responsive the quantity demand for a good or service is to a change in income. The formula for calculating income elasticity of demand is the percent change in quantity demanded divided by the percent change in income.
The element of control is………..
a.
Letting the staff to do on their own
b.
Setting goals
c.
Allocating resources
d.
Benchmarking against what is planned
e.
Setting the objectives
Answers
The element of control is Setting goals.
What is control in management?
This is the branch of management that is involved in checking for errors in order to take good measures to ensure that the system is working well.
Control helps to establish the standards that would help to ensure that the organization is able to meet with its set goals.
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WILL GIVE BRAINLEST!!!
In the cruise ship hierarchy, a youth staff director would report to the
cruise director
chief purser
first officer
second officer
Answers
Answer:
: cruise director he is a high ranking or senior officer with authority of of all on board hospitality
Economist and politicians argue that few policies regarding trade restriction can help to create domestic job, increase GDP and make a domestic economy more competitive globally. Explain what are those strategies that can be used for this purpose?
Answers
Trade Protectionism helps to create domestic jobs, increase GDP and make a domestic economy more competitive globally.
What is trade protectionism?Trade protectionism is described as when a country, or occasionally a collection of countries working together as a trade bloc, erects commerce barriers with the express purpose of defending its economy from potential risks associated with global trade.
Strategies that can be used for this purpose are:
Tariffs, which are taxes on imports from other nations and international markets, are one tactic that can be employed for this aim. Here, the government is enforcing the tariff in an effort to limit the importation of products and services from abroad, safeguard its own industries and businesses that produce these things, and increase tax revenues.Quotas are specific limitations on the volume of a given class of goods, commodities, and products that may be allowed to be imported into a country. A particular group of people or businesses are typically granted import licenses in order to comply with this import quota.subsidies: Government payments to domestic producers are known as subsidies. This can take the form of monetary compensation, loans with low or no interest, tax deductions, or government ownership of common stock in domestic corporations.A country may impose local content requirements by establishing a manufacturing standard requiring that a specified part or parts of a product be manufactured domestically in an effort to reduce imports.Administrative trade policies are composed of laws, rules, and regulations that are intended to make it extremely difficult for someone to import goods or commodities into a specific country.Antidumping laws are put in place by a country to stop products from being sold in foreign markets for significantly less than their manufacturing costs in an effort to capture a sizable portion of that market.By reducing the value of a country's currency in the foreign exchange markets, exchange rate controls can be used to lower the price of a country's exports.To know more about Trade Protectionism refer to: https://brainly.com/question/27622280
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QUESTION 5 4 points Save A Prepare journal entries to record the following business transaction and related adjusting entry. A. January 12, purchased supplies for cash, to be used all year, $3,850 B. December 31, physical count of remaining supplies, $800 For the toolbar, press ALT+F10 (PC) or ALT+EN÷E10. (Mac)
Answers
Following are the required Journal entries which have to be passed:
Date Account Titles Debit Credit
12-Jan Supplies $3,850
To Cash $3,850
Narration: (Being supplies purchased for cash)
31-Dec Supplies Expense $3,050
To Supplies $3,050
Narration: (Being adjusting entry passed for supplies used ($3,850-$800)
What are adjusting Entries?Adjusting entries are a group of journal entries made after the accounting period to update and accurately reflect the balances of all the accounts. Applying the accrual foundation of accounting just through adjusting entries.
Thus, the following mentioned above journals are required to be passed along with that adjusting entry. please find the attachment of the required journal entry.
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6. Respond to the following prompts about the goals and effects of government spending on the
economy. (20 points)
Answers
Any type of government-funded program, such as health care, social assistance, unemployment benefits, payments to banks, and national military, can have an impact on government spending.
What is government?
The term "Government" is legal authority or system which is controlled by office, public sector, country and state.
The government's main objectives are to increase the macroeconomic supply side, which includes spending on things like education, health care, and training to increase labor productivity as well as providing subsidies to help people financially.
Government spending has a negative impact on the economy because it drives inflation by raising living expenses through subsidies. Demand is artificially raised by government subsidies.
As a result, factors including health, social services, unemployment benefits, etc. may have an impact on government spending.
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The numbers of suitcases loaded onto various airplanes are an example of which type of data?
Answers
Answer:Volume
I think
Explanation:
Slippery Slopes promised to arrange for a licensed California contractor to "work with" Water Slides Designs on the construction; Slippery Slopes also assured it would pay the total contract price of $850,000, regardless of any licensing issues. Water Slides Designs designed and installed the pool as ordered. But Slippery Slopes failed to make the final payment of $110,000. Water Slides Designs sued.cAN SLIPPERY SLIDES DESIGNS BE SUED FOR BRESCH OF CONTRACT OR FRAUD TRICKERY
Answers
Yes, Slippery Slopes did Breach of Contract entered by both parties since it is contract whether verbal or written and as such, they they can be sued.
What is the breach of a contract?This is known to be a violation of a contractual duty that has been entered by two or more parties. One may breach a contract if they fail to keep or carry out a promise, etc.
Therefore, the response is Yes, Slippery Slopes did Breach of Contract entered by both parties since it is contract whether verbal or written and as such, they they can be sued.
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how do we advice company on how to support each of it`s S.B.U
Answers
Essman might overlook strategic risks, the business plan at hand can be a good plan and the Product mix may be one of the best. However, things do change, and the plans and the product mix stated in the plan may become outdated making the strategy of the company less efficient to reach its goals. Technological risks may also render the product mix out of date. With the dynamism of technology other efficient products may come to the market making rendering the product mix obsolete.
Would risk retention be a good strategy for this company? Why or why not?
Answers
Risk retention is good for the company as the good has the better strategies planned about the product mix and if the things changed in the future the company is able to conquer the loss.
What is product mix?Product mix is the total number of products sell by the particular company, the products can be further divided into the categories and division. Many big companies have the different line products like the cosmetics, glasses, home materials and others.
Thus, Risk retention is good for the company as the good has the better strategies
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Natural monopolies are usually set up in order to:
A. earn profits for shareholders.
B. increase market competition.
C. provide a public service.
D. avoid government regulations.
Answers
Answer:
I believe the answer is D
Roger Ginde is developing a program in supply chain management certification for managers. Ginde has listed a num- ber of activities that must be completed before a training program of this nature could be conducted. The activities, immediate pre- decessors, and times appear in the accompanying table: A—2 B—5 C—1 D B 10 E A, D 3 FC6 G E, F 8
Develop an AON network for this problem.
b) What is the critical path?
c) What is the total project completion time?
d) What is the slack time for each individual activity?
Answers
The Critical Path is B-D-E-G. See the definition of Critical Path below.
What is the meaning of Critical Path?Critical Path refers to the order of steps that determines the shortest amount of time required for a task.
What is the total project completion time?The Total Project completion time is 34 days. This is derived from the AON Network for the problem. See the attached.
What is an AON Diagram?AON (Activity - on -Node) diagram is a fundamental kind of logic diagram utilized for activity scheduling.
What is the slack time for each individual activity?Slack time is the duration of a job that can be postponed without affecting other tasks or the project's completion deadline.
Hence, the slack time for EACH activity is given as follows:
A : 22-8 = 14
B : 0
C : 34 -19 = 15
D : 0
E : 0
F : 34-19 = 15
G : 0
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Company A has 279,000 basic shares outstanding and 26,000 outstanding options and warrants. The exercise price of these options is $3.75. The company also has $200,000 of convertible bonds with an effective conversion price of $4.00. The average market share price for the reporting period is $7.50. What is the diluted shares outstanding using the treasury stock method & if-converted methods?
Review Later
345,333
305,000
342,000
292,000
Answers
The diluted shares outstanding using the treasury stock method & if-converted methods is 342,000. Thus the correct answer is C.
What are shares?An ownership stake in a business or a capital gain is expressed as a share. Shareholders are those individuals who own stock in a corporation.
The calculation for the diluted shares outstanding using the treasury stock method & if-converted methods is attached in image.
Therefore, option C 342, 000 is the correct option after doing all the calculations.
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3 The stagnation stage of the life cycle of a resort is often characterized by the increasing cost of public services and the lowering of the ‘quality of life’ for many residents.
Describe this situation from the viewpoint of (i) older residents living in the community, many of whom are ‘incomers’ from industrial cities in other parts of the country and (ii) a well-educated middle class couple with young children, who are staying
in the resort for their main holiday.
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Instruction: Each of the following passages contains a single argument. 1. identify the premises and conclusion of each argument 2. Fake out the premise and conclusion indicators and write them separ ately. 3. use the standard form of writing arguments premises first and concl usion last by using the letters "p" and "C" 4. which of these passages lack indicators, show us $. 28. 333 10. X X X X X X X X X X X X X X X X X X X X X X X X X X 1 "Abortion is wrong because all human life is sacred."2 "We must reduce the amount of money we spend on space explorati on. Right now, the enemy is launching a massive military buildup, an d we need the additional money to purchase military equipment to m atch the anticipated increase in the enemy's strength." 3 We must give up some privacy in the name of security. If the homeland is not secure, terrorist attacks orders of magnitudes larger than 9/11 will fin d their way to our shores. No amount of privacy is worth enduring an attac k like this. It really does matter if you get enough sleep. We need sleep to think clearl y, react quickly, and create memories. Studies show that people who are ta ught mentally challenging tasks do better after a good night's sleep. Other research suggests that sleep is needed for creative problem solving (U.S. Na tional institutes of Health, "Your Guide to Healthy Sleep") Women of the working class, especially wage workers, should not have mo re than two children at most. The average working man can support no m ore and the average working woman can take care of no more in decentia shion. (Margaret Sanger, Family Limitations) It's flu season and you work with kids, SO you should get a flu shot. "John will probably receive the next promotion SINCE he's been here the lon gest." Instruction : Each of the following passages contains a single argument . 1. identify the premises and conclusion of each argument 2. Fake out the premise and conclusion indicators and write them separ ately . 3. use the standard form of writing arguments premises first and concl usion last by using the letters " p " and " C " 4. which of these passages lack indicators , show us $ . 28 . 333 10 . X X X X X X X X X X X X X X X X X X X X X X X X X X " Abortion is wrong because all human life is sacred . " " We must reduce the amount of money we spend on space explorati on . Right now , the enemy is launching a massive military buildup , an d we need the additional money to purchase military equipment to m atch the anticipated increase in the enemy's strength . " We must give up some privacy in the name of security . If the homeland is not secure , terrorist attacks orders of magnitudes larger than 9/11 will fin d their way to our shores . No amount of privacy is worth enduring an attac k like this . It really does matter if you get enough sleep . We need sleep to think clearl y , react quickly , and create memories . Studies show that people who are ta ught mentally challenging tasks do better after a good night's sleep . Other research suggests that sleep is needed for creative problem solving ( U.S. Na tional institutes of Health , " Your Guide to Healthy Sleep " ) Women of the working class , especially wage workers , should not have mo re than two children at most . The average working man can support no m ore and the average working woman can take care of no more in decentia shion . ( Margaret Sanger , Family Limitations ) It's flu season and you work with kids , SO you should get a flu shot . " John will probably receive the next promotion SINCE he's been here the lon gest . "
Answers
The argument in each of the passage is life is precious. Hence, the whole passage hammers the importance of life. Read below on each premise and the conclusions made on them.
What are the premises and conclusion to back the argument?The premises are marked P and the conclusion are marked C. Read below;
P: Abortion; C: all human life is sacredP: wise spending; C: space exploration is inimicalP: warfare; C: improve the armyP: Privacy; C: embrace communalismP: Rest; C: sound healthP: Family planning; C: efficiency in family careP: flu outbreak; C: proactive responseP: Long service worker; C: promotionTherefore, the correct answers are given above.
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Calculate costs of goods sold for Day Company
Answers
The cost of goods sold for Day Company for the period ended December 31, 2021, is $5,000.
What is the cost of goods sold?The cost of goods sold is the difference between the beginning inventory added to the period's purchases or finished goods while subtracting the ending inventory.
In other words, the cost of goods sold is the difference between the cost of goods available for sale and the ending inventory.
Data and Calculations:Beginning inventory = $1,000
Purchases = $7,000
Ending inventory = $3,000
Cost of goods sold = $5,000 ($1,000 + $7,000 - $3,000)
Thus, the cost of goods sold for Day Company for the period ended December 31, 2021, is $5,000.
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Smiley Corporation's current sales and partial balance sheet are shown below.
This year
Sales $ 10,000
Balance Sheet: Liabilities
Accounts payable $ 1,500
Notes payable $ 3,000
Accruals $ 1,400
Total current liabilities $ 5,900
Long-term bonds $ 2,000
Total liabilities $ 7,900
Common stock $ 1,500
Retained earnings $ 2,000
Total common equity $ 3,500
Total liabilities & equity $ 11,400
Sales are expected to grow by 14% next year. Assuming no change in operations from this year to next year, what are the projected spontaneous liabilities? Do not round intermediate calculations. Round your answer to the nearest dollar.
Answers
Based on the balance sheet of Smiley Corporation, the projected spontaneous liabilities is $3,306.
What Smiley Corporation's projected spontaneous liabilities?This can be found as:
= (1 + Growth in sales) x (Accounts payable + Accruals)
Solving gives:
= (1 + 14%) x (1,500 + 1,400)
= 1.14 x 2,900
= $3,306
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of the construction in the United States is done with public money.
Answers
You have been provided with the following summarized accounts of Golden Times Ltd. For the year ended 31 March 2000:
Balance sheet as at 31 March 2000
Sh. Sh. Sh.
Fixed Assets:
Freehold property (Net Book Value) 480,000
Plant and machinery (Net Book Value) 800,000
Motor Vehicle (Net Book Value) 200,000
Furniture and fittings (Net Book Value)
1,680,000
Current Assets:
Stocks 1,000,000
Debtors 400,000
Investments
Current Liabilities:
Trade creditors 338,400
Bank overdraft 878,400
Corporation tax 176,000
Dividends payable
Financed by:
Authorized share capital – 800,000
Sh. 1 ordinary shares
Issued and fully paid: 400,000 Sh.1 400,000
Ordinary shares
Capital reserve 200,000
Revenue reserve 800,000
Loan capital: 400,000 10% Sh. 1 Debentures
Profit and loss account for the year ended 31 March 2000
Sh.
Sales (credit)
Profit after charging all expenses except interest on 440,000
debentures
Less: Debenture interest 400,000
Profit before tax
Corporation tax 224,000
Less: ordinary dividend proposed
Retained profit transferred to revenue reserve
The following additional information was available:
1. The purchases for the year were Sh. 2,160,000 while the cost of sales was Sh.3,000,000.
2. The market price for Golden Times Ltd. Ordinary shares as at 31 March 2000 was Sh. 5.
3. The company estimates the current value of its freehold property at Sh.1,100,000
Required:
Compute the following ratios for Golden Times Ltd:
(i) Return on capital employed.
(ii) The profit margin
(iii) The turnover of capital
(iv) Current ratio;
(v) Liquid ratio
(vi) Number of days accounts receivable are outstanding;
(vii) Proprietary ratio;
(viii) Stock turnover ratio;
(ix) Dividend yield ratio;
(x) Price earnings ratio
Answers
The computation of the following financial ratios for Golden Times Ltd is as follows:
(i) Return on capital employed:= Profit after tax/Total assets - current liabilities x 100
= 12.44% (Sh 224,000/ Sh 1,800,000) x 100
(ii) The profit margin:= Profit after tax/Sales revenue x 100
= 5.6% (Sh 224,000/Sh 4,000,000 x 100)
(iii) The turnover of capital:= Sales Revenue/Equity
= 2.86 x (Sh 4,000,000/Sh 1,400,000
(iv) Current ratio:= Current Assets/Current Liabilities
= 1.09 (Sh 1,520,000/Sh 1,400,000)
(v) Liquid ratio:= Current Assets less Stocks /Current Liabilities
= 0.37 (Sh 1,520,000 - Sh 1,000,000/Sh 1,400,000)
(vi) Number of days accounts receivable are outstanding:= Average Accounts Receivable/Sales Revenue x 365
= (Sh. 400,000/Sh. 4,000,000 x 365
= 36.5 days
(vii) Proprietary ratio:= Shareholders equity/Total assets x 100
= 43.75% (Sh. 1,400,000/Sh. 3,200,000)
(viii) Stock turnover ratio:= Cost of goods sold / Average stock
= 2.11 x (Sh. 3,000,000/Sh. 1,420,000)
(ix) Dividend yield ratio:= Dividend per share/Price per share
= 5.36% (Sh. 0.268/Sh.5 x 100)
(x) Price earnings ratio:= Market price per share/Earnings per share
= 8.93x (Sh. 5/Sh. 0.56)
Data and Calculations:Golden Times Ltd
Balance sheetAs at 31 March 2000
Sh. Sh. Sh.
Fixed Assets:
Freehold property (Net Book Value) 480,000
Plant and machinery (Net Book Value) 800,000
Motor Vehicle (Net Book Value) 200,000
Furniture and fittings (Net Book Value) 200,000
1,680,000
Current Assets:
Stocks 1,000,000
Debtors 400,000
Investments 120,000
1,520,000
Current Liabilities:
Trade creditors 338,400
Bank overdraft 878,400
Corporation tax 176,000
Dividends payable 107,200 1,400,000 120,000
1,800,000
Financed by:
Authorized share capital – 800,000
Sh. 1 ordinary shares
Issued and fully paid: 400,000 Sh.1 400,000
Ordinary shares
Capital reserve 200,000
Revenue reserve 800,000
Loan capital: 400,000 10% Sh. 1 Debentures 400,000
1,800,000
Golden Times Ltd
Profit and loss accountFor the year ended 31 March 2000
Sh.
Sales (credit) 4,000,000
Profit after charging all expenses except interest on 440,000
debentures
Less: Debenture interest (40,000)
Profit before tax 400,000
Corporation tax 176,000
Profit after tax 224,000
Less: Ordinary dividend proposed (107,200)
Retained profit transferred to revenue reserve 116,800
Beginning stock = Sh. 1,840,000 (Sh. 3,000,000 + 1,000,000 - 2,160,000)
Average stock = Sh. 1,420,000 (Sh. 1840,000 + Sh. 1,000,000)/2
Dividend per share = Sh. 0.268 (Sh 107,200/400,000)
Earnings per share = Sh. 0.56 (Sh. 224,000/400,000)
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Explain the meaning of balance of trade.
Answers
[tex]\huge\purple{Hi!}[/tex]
balance of trade, the difference in value over a period of time between a country’s imports and exports of goods and services, usually expressed in the unit of currency of a particular country or economic union (e.g., dollars for the United States, pounds sterling for the United Kingdom, or euros for the European Union). The balance of trade is part of a larger economic unit, the balance of payments (the sum total of all economic transactions between one country and its trading partners around the world), which includes capital movements (money flowing to a country paying high interest rates of return), loan repayment, expenditures by tourists, freight and insurance charges, and other payments.If the exports of a country exceed its imports, the country is said to have a favourable balance of trade, or a trade surplus. Conversely, if the imports exceed exports, an unfavourable balance of trade, or a trade deficit, exists. According to the economic theory of mercantilism, which prevailed in Europe from the 16th to the 18th century, a favourable balance of trade was a necessary means of financing a country’s purchase of foreign goods and maintaining its export trade. This was to be achieved by establishing colonies that would buy the products of the mother country and would export raw materials (particularly precious metals), which were considered an indispensable source of a country’s wealth and power.
The assumptions of mercantilism were challenged by the classical economic theory of the late 18th century, when philosophers and economists such as Adam Smith argued that free trade is more beneficial than the protectionist tendencies of mercantilism and that a country need not maintain an even exchange or, for that matter, build a surplus in its balance of trade (or in its balance of payments)
