Why Is Ignorance and Poor Decision Making a Cause of Market

question 55

Essay

Why is ignorance and poor decision making a cause of market failure?

---

Definitions:

Production Departments

Divisions within a manufacturing company dedicated to specific production processes or tasks.

Journalize

The process of recording financial transactions in a company's journal, the first step in the accounting cycle that chronicles all financial activities.

Factory Overhead Rate

The total indirect manufacturing costs associated with production, allocated over a specific base such as labor hours or machine hours.

Machine Hours

A measure of production time used in cost accounting to allocate costs to products or services based on the time they spend being processed on a machine.