Answer:
The correct answer is:
demands reflect a decision about which wants to satisfy and a plan to buy the good, while wants are unlimited and involve no specific plan to acquire the good. (d)
Explanation:
Let me first try to define what demand and want are:
want: want is a desire for a product or service. It is said that wants are unlimited, however, the resources to actualize such wants are in a limited supply.
Demand: Demand is the quantity of good or service that a person is willing and able to pay for because of the availability of resources to do so, at a given price and time.
For a clearer understanding, demand can be seen as a subset of want that a consumer takes a further step to acquire, not just desire. There is a specific plan to acquire such wants.
Answer:
Owner's capital account is increased by $2,235,000.
Explanation:
At the end of the period the closing entries are made to close the temporary accounts of Revenue and expenses and transfer the balance to retained earning or owners capital account.
Net income for the year = Total revenue - Total Expenses
Net income for the year = $12,840,000 - 9,975,000
Net income for the year = $2,865,000
Changes in owner's capital account during the period = net income / loss - drawings during the period
Changes in owner's capital account during the period = $2,865,000 - $630,000
Changes in owner's capital account during the period = $2,235,000
Answer:
Normally a demand curve will have downward sloping shape.
Explanation:
The demand curve is downward sloping, indicating the negative relationship between the price of a product and the quantity demanded.
The inference that the lucky charm helps you will in an example of the logical fallacy of overs implication.
Answer:
2015 Net income is 5.2%
2016 Net income is 8.6%
2017 Net income is 14.0%
Explanation:
Net income %=sales%-cost of goods sold %-expenses%
2015:
Sales is 100%
cost of goods sold is 66.1%
expenses is 28.7%
In 2015 net income %=100%-66.1%-28.7%=5.2%
2016:
Sales is 100%
cost of goods sold is 63.6%
expenses is 27.8%
In 2016 net income as % of sales=100%-63.6%-27.8%=8.6%
2017:
Sales is 100%
cost of goods sold is 62.1%
expenses is 24.8%
In 2017 net income as % of sales=100%-61.2%-24.8%=14.0%
