In order to determine whether to major in economics, a rational individual compares the <u>marginal benefit </u><u>and</u><u> marginal cost.</u>
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Marginal benefit is the maximum amount a consumer is willing to pay for additional goods or services. Consumer satisfaction tends to decline as consumption increases. Marginal cost is the change in cost when additional units of a good or service are produced.
Marginal utility and marginal cost are related in many ways in manufacturing and production, investment, and consumption. Marginal cost (MC) is the cost of the last unit produced or consumed, and marginal utility is the utility gained from that last unit.
Marginal benefit is the increase in total utility due to a unit change in the output of a good. Marginal cost is the increase in total cost caused by a one-unit change in the output of a good.
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Answer:
C) limited; unlimited
Explanation:
Economics can be described as the study of how people use limited resources to satisfy unlimited wants.
Answer:
b. The chart of accounts is a list of accounts that includes numbers and descriptions.
c. The general ledger is a list of accounts that includes numbers, descriptions, and changes in those accounts.
d. The general ledger is known as the core of any accounting system.
Explanation:
The chart of account refers to the various types of accounts i.e revenue, expenditure, asset, liabilities and so on which depicts the number of accounts, the descriptions of account, nature of the account, and the categories in which they are lying.
Whereas the general ledger is the recording of the transactions held by the business which also includes account number, their descriptions, and the changes held in those accounts. Plus, it is also known as the core of any accounting system
