Answer:
Resources are limited.
Production requires resources.
Everyone wants or needs goods.
Explanation:
Different regions provide different resources that people can use for their business. People in that region need to understand the type of resources that are available for them and produce the goods that can be sustained by the available resource.
This scarcity means that acquiring resources require a certain amount of capital. Since people do not unlimited capital, they have to be picky with their consumption/production to ensure the ones with highest priority are fulfilled first.
On top of that, everyone wants or needs goods. Meaning that in order to obtain a certain resources, people will have to face competition. As the competition become more fierce, the sacrifice that is needed to obtain a certain product is increased. This is also why they have to watch out which product they should choose to consume.
Answer:
B) Good economists must possess a rare combination of gifts.
Explanation:
Economics is a social science that focuses on studying scarcity. Since all resources are scarce, economics tries to determine how to allocate resources more efficiently in order to produce the most possible benefits. We are all economists whether we like it or not. When we spend our money (scarce resource) we try to get the largest benefit out of it, the same applies to our time. We decide to study for a test and get a good grade, or simply take a very long nap.
The problem with economics and all social science, is that they are not exact. There is no possible way a scientific research can be done that includes all the economy, there are simply too many billions of transactions and different combinations that it is impossible to do it. Some microeconomics studies can be carried out but only considering a single company or industry and few factors.
Economists must base their research upon past events and develop models that can predict future events. Sadly but true, even meteorologists have a higher percentage of correct predictions than economists.
The few good economists must be very good at math, history, politics, philosophy, psychology, developing abstract ideas and make them concrete ideas, and last but not least must be able to explain all of this to others and convince them.
The problem with applying economic models to the real world are the changing expectations of the general public (psychology and philosophy). One of my teachers had a great saying, "the mouth is the most sensitive organ in your body, but your pocket is by far the most sensitive part".
Based on the items given, the place where they would appear on the Statement of Cashflows is:
- a. Declared and paid a cash dividend - Financing activities.
- b. Recorded depreciation expense - Operating activities.
- c. Paid cash to settle long-term note payable - Financing activities.
- d. Prepaid expenses increased in the year - Operating expenses.
<h3>How is the Statement of Cashflow ordered?</h3>
There are financing activities that include debt and share capital as well as dividends.
There are also operating activities that record the day to day transactions which include prepaid expenses and depreciation.
Investing activities relate to capital transactions involving fixed assets and the trade in other company securities.
The rest of the question is:
a. Declared and paid a cash dividend.
b. Recorded depreciation expense.
c. Paid cash to settle long-term note payable.
d. Prepaid expenses increased in the year.
Find out more on the statement of cashflows at brainly.com/question/24179665.
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