Economic Growth and Tax Relief Act law signed by President George w. bush, allowed for more economic freedom amongst different kinds of businesses on the 401(k)
A standard definition of economics might describe it as a social science focused on the satisfaction of needs and desires through the allocation of scarce resources with alternative uses. Economics can be said to be the study of scarcity and choice.
In its simplest and most concise definition, economics is the study of how societies use their limited resources. Economics is the social science of producing, distributing, and consuming goods and services.
Example: When the corn crop increases, the farmer reduces the price of the crop so that the product can be sold. When supply exceeds demand, meaning too much corn is needed to feed the people of the country, the produce is forced to waste and farmers lose production costs.
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Answer:
The answer is given below;
Explanation:
Patent ($30,000+$2,000) Dr.$32,000
Advertising Expense Dr.$70,000
Legal Fees Expense Dr.$8,000
Cash Cr.$110,000
Please note that purchase cost of patent and legal fees paid for the transfer of patent are capital expenditures, therefore they are capitalized.
Where as the advertising and attorney's fee are revenue expenditures.
Answer: Option (A). The total liabilities will be overstated.
Explanation: Total liabilities are the aggregate debt and financial obligations owed by a business to individuals and organizations at any specific period of time. Total liabilities are reported on a company's balance sheet and are a component of the general accounting equation. In this scenario, Assuming the company initially recorded a liability, then the total liabilities will be overstated.
Answer:
Sagoff's cost-benefit approach establishes that the value of a thing is determined by how much people are willing to pay for it, so the only important values are the ones that the market can assign. This is why that approach is not suitable for explaining our duties with our environment, since we cannot pay for it and the market cannot assign any value to the environment.
Sagoff is a neo-Kantian ethicist because he also believes that individuals were the judges of value (they could assign value to things) not only for them but for their whole communities.
Sagoff's approach differs from Kant's approach since Sagoff believes that the cost-benefit approach doesn't apply to all the goods and services, especially the environment. He believes that the environment has an intrinsic value and therefore is an end to itself, while Kant believed that only humans had intrinsic value and could be an end to themselves.