This 18th-century economist is Adam Smith who is hailed the Father of Economics. In his 1776 book "An Inquiry Into the Nature and Causes of the Wealth of Nations" Smith argues that society benefits in a free economy in which individuals are motivated by their own self-interest which unintentionally benefits society as a whole. Smith's aim using the term moreover was to attack the mercantilist system which was prevalent during his time.
Answer:
The attached file has the answer required.
Interest on notes payable will be a liability as it is accrued. It will still be accounted from the expenses however.
Services is a revenue stream that was not recorded so it will go to Accounts Receivable and Revenue.
Salaries unpaid will become a liability and an expense in the income statement.
Answer:
Yes
Explanation:
In the context, it is given that I am working as a manager in a financial planning office. One of my employees posted in the twitter that he need $ 500 to pay for his house rent for the month.
I would call the employee and would ask him to remove the post from the social media account as it might hamper the business of our company and sends a negative signal to the customers about the efficiency of the employees.
If the employees of the financial planning office cannot plan his spending and savings, then how the customers will have faith that our office will help them plan their money. It will have a negative effect to our reputation of the company and so I will ask him to remove it form the social media account and prevent anybody from doing this in the future.
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Answer:
A decrease in demand leads to a decrease in supply.
A decrease in price leads to a decrease in supply.
An increase in price leads to an increase in supply.
Explanation:
Supply refers to the volume of a product that sellers are willing to sell in the market at a given price. As per the law of supply, a higher price motivates sellers to avail more products in the markets. Sellers or suppliers are businesses and are motivated by higher profits. When prices are high, the profit margin will be high, which is an incentive for increased supply. Lower prices have lower margins, which is a risk to a business. Low prices result in reduced prices.
Supply is influenced by demand. If supply does not match demand, there will be either a shortage or excess supply in the market. When demand is low, sellers will reduce supply to avoid losses associated with excess supply .
