In the Economic Sense, Almost Everything Is Scarce

question 86

Multiple Choice

In the economic sense, almost everything is scarce.________ of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price.

• A)Scarcity
• B)A shortage
• C)A surplus
• D)An overstock

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Definitions:

T-Accounts

A graphic representation of a general ledger account that outlines the debit and credit sides to visualize the effect of transactions on the account.

Reversing Entries

Entries executed at the onset of an accounting cycle to annul or reverse the adjusting records that were established at the end of the last period.

Journal Entries

Recordings in accounting journals of the financial transactions made by a business, showing debits and credits for each transaction.

Salary Payroll

The total amount paid by an employer to its employees as salaries over a specified period.