Match the Terms Below with the Correct Definitions

question 38

Multiple Choice

Match the terms below with the correct definitions.
-Merchandise Inventory that appears in the Income Statement Debit column of the work sheet

• A)Unearned Revenue
• B)Income Summary
• C)First merchandise inventory adjusting entry (periodic system)
• D)Beginning merchandise inventory
• E)Ending merchandise inventory
• F)Periodic inventory system
• G)Wages Payable
• H)Wages Expense
• I)Purchases
• J)Second merchandise inventory adjusting entry (periodic system)

---

Definitions:

Unlimited Wants

The economic concept that humans have endless desires for goods and services.

Good

A tangible product used to satisfy human wants.

Basic Economic Problem

The fundamental issue of scarcity faced by societies, where there are limited resources to meet unlimited wants and needs.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world with limited resources.