Describe Qualitative Factors That May Be Important When Setting the Overall

question 4

Essay

Describe qualitative factors that may be important when setting the overall level for planning materiality.

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Definitions:

Comparative Advantage

The ability of a country or firm to produce a particular good or service at a lower opportunity cost than its competitors, underpinning the rationale for international trade.

Job Losses

The act of becoming unemployed due to factors like economic downturns, restructuring, or automation.

Job Gains

Increases in the number of jobs available in an economy, indicating employment growth and potentially a strengthening economic condition.

Consumer Surplus

The disparity between the total price consumers are ready and able to pay for a service or product and what they end up paying.