Business Researchers Use Both Primary and Secondary Data When Preparing

question 61

Essay

Business researchers use both primary and secondary data when preparing business reports.Compare these two types of data,describing each source and explaining when each would be used.Then give three examples of each type of data.

Differentiate between traditional and contribution format income statements.

Recognize the significance of opportunity costs and sunk costs in decision-making.

Understand the classification of costs within a manufacturing environment, including direct and indirect materials, labor, and overhead.

Identify and differentiate between product and period costs and their impacts on financial statements.

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Definitions:

Overjustification Effect

A phenomenon where providing an external incentive for a behavior that is already internally rewarding can lead to a decrease in intrinsic motivation for that behavior.

Intrinsic Motivation

The drive to engage in an activity for its own sake, deriving pleasure and satisfaction from the activity itself rather than external rewards.

Secondary Motivation

The drive to perform an action or engage in behavior based on external rewards or pressures, rather than intrinsic or personal desires.

Delay Of Gratification

The act of forgoing an instant gratification in favor of receiving a reward at a later time.