- What is income expense?
- Why can’t individuals have everything they want?
- When you give up one thing to get something else it is called?
- What are public needs?
- What is a shortage of resources called?
- When expenses are greater than income a net loss occurs?
- What should you do before making a decision?
- What are examples of a need?
- What is the meaning of goods?
- Which is an example of a public want?
- What is it called when income is more than expenses?
- What is the contest between businesses to win customers?
- How do the decisions that you make as a wage earner affect a business?
- When a business expenses are greater than revenue?
- When you decide to buy a jacket instead of a concert ticket you are making a trade off?
- What are 3 causes of scarcity?
What is income expense?
All expenses incurred for earning the normal operating revenue linked to the primary activity of the business.
They include the cost of goods sold (COGS), selling, general and administrative expenses (SG&A), depreciation or amortization, and research and development (R&D) expenses..
Why can’t individuals have everything they want?
Since human wants are unlimited, and resources used to satisfy those wants are limited – there is scarcity. … We can’t have everything that we want so we have to choose. This is what economics is really all about – MAKING CHOICES. Because of scarcity we as individuals, and our society as a whole, must make choices.
When you give up one thing to get something else it is called?
(1) A choice is a tradeoff: A tradeoff is an exchange, i.e., giving up one thing to get something else. (2) Cost (what we must give up): The opportunity cost of something is the best thing we must give up to get it. It is the highest valued alternatives that we must give up to get it.
What are public needs?
Public need means an activity or project that provides important tangible and intangible gains to society, that satisfies the expressed or observed needs of the public where accrued benefits significantly outweigh reasonably foreseeable detriments. Sample 2. Based on 4 documents. 4.
What is a shortage of resources called?
What is a shortage of resources called? scarcity. To produce goods and services, a society needs natural resources, human resources, capital resources, and entrepreneurial resources. True.
When expenses are greater than income a net loss occurs?
Net loss occurs when Expenses are greater than income. A net loss, sometimes referred to as a net operating loss (NOL), occurs when expenses exceed the income or total revenue produced for a given period of time.
What should you do before making a decision?
So in the hope of enhancing your decision making process, here are a bunch of things to consider before making important life changing decisions.Ask Yourself What You Really Want. … Ask For Advice. … Question Your Motives. … Weigh The Pros & Cons. … Ask Yourself If You Will Be Hurting Yourself Or Others With Your Future Decision.More items…•
What are examples of a need?
An example of a need is the desire for a fast Internet connection. An example of a need is food and water for survival. Need is defined as to want, desire or require. An example of need is wanting a new pair of shoes because they’re your favorite.
What is the meaning of goods?
In economics, goods are items that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product. A common distinction is made between goods which are transferable, and services, which are not transferable.
Which is an example of a public want?
A fireworks display is a good example of a public want/good because it is non-excludable and non-rivalrous. … Other public wants are knowledge, education, public lighting, and fresh air to breathe. Wants are goods or services that we desire or wish for, but are not a necessity and we can do without.
What is it called when income is more than expenses?
When income exceeds expenditure (your income is more than your expenses) then it is called a surplus. when expenditure exceeds income (your expenses are more than your income) then it is called a deficit or shortfall. … Fixed income is an amount of money a person receives, which does not change with time.
What is the contest between businesses to win customers?
Business vocabularyABGoodsTangible items that businesses sellConsumerPerson who uses goods or servicesServicesTasks that businesses perform and sell to customersCompetitionContest between businesses to win customers13 more rows
How do the decisions that you make as a wage earner affect a business?
Businesses affect the consumer when a product is discontinued. Business affects you as a wage earner because they provide jobs. Consumers decide what kind of goods and services they want. goods and services they want.
When a business expenses are greater than revenue?
If a company’s revenue is higher than its expenses, it will report a net income. If its expenses are greater than its revenue, it will report a net loss.
When you decide to buy a jacket instead of a concert ticket you are making a trade off?
When you decide to buy a jacket instead of a concert ticket, you are making a tradeoff. Capitalism is another name for a traditional economic system. Competition forces businesses to search for new ways to satisfy customers’ wants and needs. The market price for a product is the point where demand exceeds supply.
What are 3 causes of scarcity?
Causes of scarcityDemand-induced – High demand for resource.Supply-induced – supply of resource running out.Structural scarcity – mismanagement and inequality.No effective substitutes.