Answer:
C. the broad study of how to allocate limited resources to satisfy unlimited wants
Explanation:
Lionel Robbins defines economics as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."
Economics studies the economy as a whole. This indicates that economics is broad.
The needs of man are unlimited but the resources to satisfy this needs are scarce and limited.
I hope my answer helps you
Answer:
1.
Dr Purchases 30,070
Cr Accounts payable 30,070
2.
Dr Accounts payable 30,070
Cr Cash 30,070
3.
Dr Accounts payable 30,070
Dr Interest expense 930
Cr Cash 30,000
Explanation:
Meteor Co. Journal entry
1.
Dr Purchases 30,070
($31,000 x .97)
Cr Accounts payable 30,070
2.
Dr Accounts payable 30,070
Cr Cash 30,070
3.
Dr Accounts payable 30,070
Dr Interest expense 930
(31,000-30,070)
Cr Cash 30,000
Since the company purchased merchandise at a price of $31,000 in which it was been subject to credit terms of 3/10 that means 100%-3% credit term will give us 97% credit term ×$31,000 which enabled us to arrived at 30,070.
Answer:
sole proprietorship
Explanation:
The sole proprietorship is the most popular form of business ownership in the US. In the sole proprietorship, the business is owned and managed by one person. The owners enjoy all the profits on their own but also incur all the losses and liabilities.
A sole proprietorship is popular because of its ease of formation and operation. The owner only requires to register the business with the local authorities. They do not need to pay extra taxes as the business income is his income. The sole proprietor is the boss and makes all the important decisions regarding his or her business. The biggest disadvantage with sole proprietorships is that the owner has unlimited liabilities to the debts of the business.
Answer:
Representing the buyer's interests
Explanation:
Buyer's agents a person or a group which is hired to bid on a certain assets on behalf of the buyer. People usually use buyer's agent on expensive purchase such as properties, expensive antique, etc.
Buyer's agents are tied by an ethical code that they have to find the assets on the best price possible for the customers, without compromising the quality of the asset itself.