Which cost factors are most important?
Fuel Costs – Fuel Costs have quite possibly the most significant impact on operating costs. Depending on the horsepower and fuel consumption of an asset, fuel costs can account for over half of the operating costs in some cases, thus, highlighting the importance of understanding an assets fuel costs and fuel trends.
What is insurance and its characteristics?
Insurance is a contract in which an insurer indemnifies another against losses from specific contingencies or perils. It helps to protect the insured person or their family against financial loss. There are many types of insurance policies. Life, health, homeowners, and auto are the most common forms of insurance.
What are the two main factors that affect price?
Costs and Expenses. Supply and Demand. Consumer Perceptions. Competition.
What are the 10 factors affecting market demand?
Price of the commodity. Income of the Consumer. Tastes and Preferences. Prices of Related Goods. Advertisement and Sales Propaganda. Consumer’s Expectations. Growth of Population. Weather Conditions.
What are the four factors that affect demand for money?
The demand for money is affected by several factors, including the level of income, interest rates, and inflation as well as uncertainty about the future.
What are the 6 important factors that influence the supply of goods?
Supply shifters include (1) prices of factors of production, (2) returns from alternative activities, (3) technology, (4) seller expectations, (5) natural events, and (6) the number of sellers.
Which is the main elements of cost?
They are Material, Labour and Expenses. Again, these elements of cost are divided into two categories such as Direct Material and Indirect Material, Direct Labour and Indirect Labour, Direct Expenses and Indirect Expenses. All direct material, direct labour and direct expenses are added to get prime cost.
What are 3 factors that may influence policy?
Public policies are influenced by a variety of factors including public opinion, economic conditions, new scientific findings, technological change, interest groups, NGOs, business lobbying, and political activity.
What are the most important factors in analyzing a policy problem?
As you conduct your policy analysis, pay attention to the health impact, cost of implementation, and feasibility of each option. To describe these three factors, you can ask yourself and your stakeholders questions such as: What population(s) will be affected by each policy option? By how much?
What are the five factors that influence growth and development?
Five main factors identified in contributing to growth and developments at early childhood are nutrition, parent’s behaviours, parenting, social and cultural practices, and environment.
What type of cost is insurance expense?
Insurance expense is the cost a company pays to get an insurance contract, as well as any unpaid monthly premium costs on the insurance contracts. There are several types of insurance that are tax-deductible, depending on the type of business a company is in.
What are the 6 characteristics of an ideally insurable risk?
These elements are “due to chance,” definiteness and measurability, statistical predictability, lack of catastrophic exposure, random selection, and large loss exposure.
What are the 8 factors affecting demand?
(i) Price of the commodity itself: (ii) Prices of other related goods: (iii) Level of income of the consumer: (iv) Tastes and Preferences of the Consumer: (v) Population: (vi) Income Distribution: (vii) State of trade: (viii) Climate and weather:
Are there 5 determinants of demand?
#1 – The Prices of Goods or Services. #2 – Price of Substitute/Complementary Goods & Services. #3 – Buyers’ Tastes and Preferences. #4 – Buyers’ Expectations of the Goods’ Future Price. #5 – A Change in Buyers’ Real Incomes or Wealth.
What are the 7 factors affecting demand?
Tastes and Preferences of the Consumers: Incomes of the People: Changes in the Prices of the Related Goods: The Number of Consumers in the Market: Changes in Propensity to Consume: Consumers’ Expectations with regard to Future Prices: Income Distribution:
What are the key elements of cost?
Direct Material. It represents the raw material or goods necessary to produce or manufacture a product. Indirect Material. Direct Labour. Indirect Labour. Direct Expenses. Indirect Expenses. Overhead. Factory Overhead.
What are the key types of costs?
Fixed Costs: Fixed costs stay the same and do not change throughout the project lifecycle. Variable Costs: Variable costs are costs that change with the amount of work involved with a project. Direct Costs: Direct costs are expenses that are billed directly to the project. Indirect Costs: Sunk Costs:
How do you determine the insurance premium of a car quizlet?
To determine the insurance premium of a car, an insurance company considers the following determinants: the model of the car , the age of the car, and the mileage of the car.
What are the factors that influence decision making?
The factors influencing decision-making are personality, culture, context, information available, and level of education. These factors should be kept in mind whenever a person is taking any decision, as some of them can be controlled but not all, like personality or culture.
What are the four major determinants?
Determinants of health: Nutrition, lifestyle, environment, and genetics are considered as core determinants and four pillars of health.