Answer:
Janine is an accountant who makes $30,000 a year. Robert is a college student who makes$8,000 a year. All other things equal, who is more likely to stand in a long line to get a cheap concert ticket?
Robert; his opportunity cost is lower
Explanation:
Robert has loss of potential gain from the alternative available, his low income will made him to queue in order to get the concert ticket
Answer: Economics studies the behaviour of human beings when there is scarcity and choices have to be made.
Explanation:
Economics is a social science i.e study of human behavior in relation to the manufacturing, distribution and consumption of products. Economics focal point is the interaction and behaviour of economic agents (households, firms and governments) and how economies work.
Economics is divided into microeconomics and macroeconomics. Microeconomics deals with the small elements in the economy such as interaction of markets and prices of certain products. Macroeconomics deals with the whole economy and issues discussed include unemployment, economic growth, inflation etc.
<span> B. When used, both take money directly out of a bank account.</span>
Answer:
The above statement is false.
Explanation:
The most common legal structure of business are as follows:
Sole proprietor : It is a form of business in which a business is fully controlled by only one person. He takes all the decision himself . He has unlimited liability. His personal assets are used by the creditors to recover their money
Partnership: It is a form of business in which minimum 2 person come together to form a partnership firm. They share profit and loss as agreed between them. They have a partnership deed . Every partner have unlimited liability .
Limited liability Partnership : This form is recently introduced. This form come under the limited liability 2008. It has separate legal entity.
Corporation: A corporation has a independent legal entity, separate from its owners and has different tax calculation than other structure. The owner of the corporation has limited liability upto their share in corporation
S-Corporation: This business structure is more simple than corporation. It is more beneficial for small owners and also have some tax benefits. S Corporation can also cash accounting system rather than accural method of accounting.
Thus, the statement is false that the legal structure of business is only four.
