Tutor profile: Kristen W.
What is social entrepreneurship?
Social entrepreneurship is using business approaches to solve social, environmental, or cultural problems.
What are the factors of production?
The factors of production are the four elements businesses need to supply goods and services. They are: land (natural resources), labor (human resources), enterprise (entrepreneurship), and capital (finance, goods, infrastructure, etc.)
A company has sales of $872,000 and cost of goods sold of $437,000. What is its gross margin?
The company's gross margin is 49.8%. Gross margin is gross profit divided by sales. The company's gross profit is calculated by subtracting cost of goods sold from sales. ($872,000 - $437,000 = $435,000). Gross profit is then divided by revenue to get gross margin. ($435,000 / $872,000 = .498 or 49.8%
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