​ Person A Good X Good Y 200 0 150 50 100 100 50 150 0 200 ​ ​ Person B Good X Good Y 0 160 40 120 80 80 120 40 160 0 ​ Refer Exhibit 2-10. Person A has the comparative advantage in the production of and person B has the comparative advantage in the production of .

Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.

Jack manufacturing company had beginning work in process inventory of $8,000. during the period, jack transferred $34,000 of raw materials to work in process. labor costs amounted to $41,000 and overhead amounted to $36,000. if the ending balance in work in process inventory was $12,000, what was the amount transferred to finished goods inventory?

You get your monthly banking statement and notice that the number is lower than expected. you decide that you should create a cash flow statement. why are cash flow statements useful in managing money? what are the steps in creating a statement?