By Definition, Economics Is the Study of

question 122

Multiple Choice

By definition, economics is the study of

• A)how to make money in the stock market.
• B)how to make money in a market economy.
• C)the choices people make to attain their goals, given their scarce resources.
• D)supply and demand.

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Definitions:

Accounts Receivable

Amounts due from clients to a business for goods or services already delivered but yet to be paid for.

Income Tax Payable

A liability account on a company's balance sheet representing the amount of income taxes owed to various governmental entities but not yet paid.

Accrued Expenses Payable

Liabilities recorded on the books for expenses that have been incurred but not yet paid.

Accounts Payable

Liabilities of a business that are owed to creditors and suppliers, typically for purchases made on credit.