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den301095 [7]
3 years ago
15

2. Distinguish between economic and non-economic wants.

Business
1 answer:
bulgar [2K]3 years ago
4 0

Answer:

Difference among the economic wants and the non- economic wants is shown below:

Explanation:

Wants is the term which is described as the desires for the things that the person or an individual may or may not actually require or needed.

a. Economic wants

1. Economic wants are those wants which generally known as the desires and are usually satisfied or fulfilled after taking or consuming he service, goods or in other cases leisure.

2. Economic wants is spending money in order to satisfy the want or the desire.

b. Non - economic wants

1. Non- economic wants are those wants which are generally the human needs, that is required or needed to be satisfied without involve the monetary cost or the value.

2. It might involve the water, air.

3. These are those wants that could be fulfilled without spending the money.

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Answer:

the journal entry are given below

Explanation:

given data

On January 10

purchase merchandise = $1,700

On February 10

amount due = $1,700

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On March 10

amount due & interest = 1% per month

solution

Interest revenue to be recorded on March 10 that is calculated as

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so

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so the journal entry are

date                          account title                                   debit            credit

January 10                account receivable                      $1700                                                           sales revenue                                                   $1700

February 12              cash                                               $1,100

                                 sales revenue                                                       $1100

March 10                   account receivable                      $6

                                 interest revenue                                                    $6

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