In Any Economic System,scarce Resources Have to Be Allocated Among

question 1

Multiple Choice

In any economic system,scarce resources have to be allocated among competing uses.Market economies harness the forces of

• A)government to allocate scarce resources.
• B)supply and demand to allocate scarce resources.
• C)credit cards to allocate scarce resources.
• D)nature to allocate scarce resources.

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Definitions:

Chequing Account

A bank account allowing the account holder to withdraw funds, write checks, and use electronic debit to access funds.

Cheque

A cheque is a written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer or a named party.

Regional Lockbox System

A banking service that speeds up collection of payments by establishing a network of collection points.

Accounts Receivable

Accounts receivable represents money owed to a company by its customers for products or services that have been delivered or used but not yet paid for.