Discuss at Least Two Functions from the Finance Department

question 9

Essay

Discuss at least two functions from the finance department.

Understand the basic components and functions of information systems.

Differentiate between data, information, and knowledge.

Recognize the significance of context in interpreting data.

Identify the role of information systems in organizations.

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Definitions:

Tariff

A tax imposed on imported goods to either raise state revenue or protect domestic industries from foreign competition.

Quota

A government-imposed limit on the amount or value of goods that can be imported or exported during a specified time period, often used to protect domestic industries.

Factor Endowments

The quantity and quality of labor, land, and capital that a country possesses and can utilize for manufacturing.

Free Trade

A policy wherein a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports).