It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy. Scarcity is important for understanding how goods and services are valued.
<h3>How has scarcity forced you to make economic choices?</h3>
Scarcity forces all of us to make choices by making us decide which options are most important to us. The principle of scarcity states that there are limited goods and services for unlimited wants. Thus, people need to make choices in order to satisfy the wants that are most important to them.
<h3>What is scarcity of resources?</h3>
Scarcity in economics refers to when the demand for a resource is greater than the supply of that resource, as resources are limited. Scarcity results in consumers having to make decisions on how best to allocate resources in order to satisfy all basic needs and as many wants as possible.
To learn more about Scarcity , refer
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Answer: See attachment
Explanation:
a. What is Poplock’s year 1 depreciation expense for each asset?
See attachment. Note that the depreciation for the assets were calculated as the original basis × the rate. e.g for Computer equipment, the Depreciation was, the original basis of $5000 × the rate of 20% which equals $1,000.
b. What is Poplock’s year 2 depreciation expense for each asset?
Check attachment.
Depreciation for computer = $1600
Depreciation for day grooming furniture = $1714
Depreciation for popup truck = $3200
Depreciation for commercial building = $6923
I think the answer is true although i'm not sure. please go back to your lesson and check, everything says there. I'm guessing you are home-schooled so just go through the lesson while doing the test, this way you will know for sure that you got everything right.
A business person would most likely use seed capital to start a new business or use it to contribute financially to the business.
Answer:
$10,000 loss
Explanation:
Barry bought a property for $60,000. He sells it for $100,000 to a company he owns 50% of. 50% of $100,000 = $50,000. He bought it for $60,000 and sold it for $50,000... that's a $10,000 loss. But they did say they are keeping the property for resale so there still may be hope :D
