Historical Episodes Are

question 132

Multiple Choice

Historical episodes are

• A)valuable to economists because they allow economists to see how the science of economics has evolved.
• B)valuable to economists because they allow economists to evaluate economic theories.
• C)not of concern to economists because economics is about predicting the future,not dwelling on the past.
• D)not of concern to economists because the exact circumstances of historical episodes are unlikely to be observed again.

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Definitions:

Capital

Assets with monetary value, including cash and merchandise, that a company utilizes to produce revenue or increase its wealth.

Journal Entry

The act of recording financial transactions in a business's accounting records, marking the fundamental process of maintaining double-entry bookkeeping.

Owner Withdrawal

The amount of money or assets that the owner takes from the business for personal use.

Utilities Expense

The cost incurred by a business or household for essential services such as electricity, water, and gas.