Identify the Item Below That Would Be Classified as a Resource

question 25

Multiple Choice

Identify the item below that would be classified as a resource by the REA data model.

• A)An IOU from a customer.
• B)The customer.
• C)A customer sale.
• D)A loan from a vendor.

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Definitions:

Comparative Advantage

The principle that holds a party can produce some goods at a lower relative cost than another, promoting beneficial trade.

Other Goods

The term refers to any goods that are not directly under consideration but can still affect the market situation, such as substitute or complementary goods.

Increasing Opportunity

Increasing opportunity involves the growth or expansion of choices and avenues through which individuals or organizations can achieve desired goals or outcomes.

Production Possibilities Curves

A graphical representation showing the maximum combination of goods and services that can be produced within a set timeframe with available resources.