Answer:
Circular flow diagram.
Explanation:
The circular flow diagram simplifies the interaction of two groups, firms and households, and allows us to make predictions about economic behavior.
The firm sells their goods and services in the market while the household buys these goods and services.
Hence, the circular flow diagram represents the interaction between the household and firms with respect to the market.
This means that money is never circulated
Answer:
The correct journal entries should be:
January 1, Year 3
Dr Notes Payable account 10,000
Cr Cash account 10,000
Explanation:
Since Cash account is an asset, it should be credited when it decreases.
Since Notes Payable account is a liability, it should be debited when it decreases.
Answer & Explanation:
a). The contract between Lisa and Bob is valid and enforceable as a valid contract is an agreement between parties lacking no element. The contract was very detailed and well discussed regardless of Bob drinking it is still enforceable unless Bob can proof that the intoxication impaired his judgement and made him incompetent to sign the contract thereby making it void.
b). The contract will be valid if Bob signed it before the drinks arrived as the document was complete and his signature show acceptance of the terms of the contract.
c). A minor can not enter into a contract as they may lack the capacity to enter into a valid contract. As such, if Bob was a minor regardless of him being sober any contract signed by him can be completely voidable.
Answer: remove all forms of conflict from the organization because it saps productivity.
Explanation:
Effective managers are the managers who ensures that the goals of an organization are achieved as they bring out the best in the employees. They motivate employees and in such case, employees trust them.
Effective managers remove all forms of conflict in an organization. They ensure that the employees in an organization gets along well and there unity among them because this is vital to enhance productivity and improve organizational growth.
