Answer:
the long-run framework.
Explanation:
In Economics, Growth can be defined as an increase or rise in the level of output and production of goods and services over a specific period of time by a business entity.
Issues of growth are generally considered by economists in the long-run framework because growth itself is a long-run phenomenon in economics.
A long-run growth refers to the continuous and sustained increase in the level of output of goods and services or quantity of production that a business is able to achieve.
Hence, all of the four factors of production affects the level of growth that is being experienced by an individual or organization. These factors are;
1. Capital.
2. Labor.
3. Land.
4. Entrepreneur.
<em>In a nutshell, business owners and economist usually consider the growth of a business as a long-run phenomenon rather than as a short-run phenomenon. </em>
-A contract is legally binding.
Answer: $5,000
Explanation:
Going by the Accrual principle in accounting, revenue is only to be recognized when earned. This means that revenue from services performed in October and revenue from services to be performed in December, will not be part of revenue reported in November.
Revenue to be recorded in November income statement = Billed $3,950 to customers for services performed on account in November + Received $1,050 cash for services performed during November
= 3,950 + 1,050
= $5,000
