Compassion is a new orphanage in the Philippines. Assume this will be the only orphanage in the country. In their nationallegislature, one of the decisions facing the government is whether to contract the orphanage to private control or give it publicownership, headed by a board of directors.Suppose that the government's top priority is to minimize the cost associated with the orphanage. Which option isconsistent with this goal?Put the orphanage under private control; money that is unused from the orphanage would be given to charity.Put the orphanage under private control; the controlling party would cut costs to maximize their profit.Put the orphanage under public control; the board of directors would cut costs to maximize profit.Put the orphanage under public control; money which is unused will be able to be put back into the public coffers.Suppose that the government's top priority is instead to maximize the quality of the orphanage and to make sure that the orphanswill have three healthy meals a day, opportunities to learn, and a sanitary place to live.Which option should they choose? Assume that reductions in quality lower costs.They should choose private control.They can choose either; it will not matter.They should choose public control.They should choose neither. Imagine a company called Teddy Wonders that produces hand-made teddy bears. Each worker is supplied with the materials fora teddy bear and makes an entire teddy bear individually.Workers are currently paid by the number of teddy bears they produce.Which term refers to a system in which the number of teddy bears produced determines a worker's pay?piece rate payannual salaryhourly wagestournament pay

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Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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