Positive Statements Are

question 65

Multiple Choice

Positive statements are

• A)prescriptive.
• B)claims about how the world should be.
• C)claims about how the world is.
• D)made by economists speaking as policy advisers.

Distinguish between assets, liabilities, capital, revenue, expenses, and withdrawals.

Apply the rules of debit and credit to various accounting transactions.

Calculate the ending balances of accounts using transaction information.

Understand the structure and purpose of a ledger and how it reflects business transactions.

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Definitions:

Political Ideologies

Sets of beliefs and values that provide a framework for political, economic, and social policies.

Liberals

Individuals or political parties advocating for policies that emphasize individual freedoms, social justice, and progressive reform.

Conservatives

Individuals or political factions favoring traditional views and values, advocating for minimal governmental intervention in the economy and society.

Socialists

People who advocate for socialism, a political and economic theory of social organization advocating for the means of production, distribution, and exchange to be owned or regulated by the community as a whole.