Answer:
$ 5,000 $ 6,000 $ 1,000
Explanation:
$ 5,000 $ 6,000 $ 1,000 is the amount that has come out of the Business Transactions.
What is the meaning of Transactions?
An executed contract between a buyer and a seller to trade goods, services, or financial assets in exchange for money is known as a transaction. The phrase is also frequently used in business accounting. This straightforward definition might be challenging in corporate bookkeeping.
A transaction is a commercial occurrence that results in a monetary impact on the financial statements of a company and is noted as an entry in the accounting records of that firm. Here are some examples of transactions: paying a supplier for products or services received.
Any business activity that has an immediate impact on the company's financial situation and financial statements is referred to as an accounting transaction. Sales made to customers on credit and sales made in cash are two examples of these types of transactions. An agreement between a buyer and a seller constitutes a transaction. In a transaction, the seller exchanges cash for the provision of goods, services, or other financial assets.
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harrison runs a bicycle manufacturing company. owing to increasing competition, his company starts losing its customer base. to regain its position in the market, harrison keenly observes his competitors' business plans and strategies and then incorporates a change in his company's marketing strategy. eventually, his company starts making profits. this is an example of
Harrison owns a business that makes bicycles. His business begins to lose customers as a result of rising competition He then incorporates a modification into his company's marketing strategy. His business eventually turns a profit. An illustration of benchmarking is this.
Organizations can concentrate their limited resources on the best opportunities to boost sales and gain a competitive edge by using marketing strategies. Building on strategic management, strategic marketing emerged as a separate field of study in the 1970s and 1980s.
Marketing objectives are quantifiable targets that specify what your marketing strategy's intended outcomes should be. Their main objective is to direct your marketing initiatives toward predetermined milestones.
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madison corp. obtains the following information from its actuary. all amounts are as of january 1, year 4 (beginning of the year). projected benefit obligation $5,525,000 fair value of plan assets $5,750,000 unrecognized net loss $750,000 average remaining service period 10 years what is the amount of corridor amortization? $575,000 $175,000 $25,000 $17,500
Madison corp. obtains the amount of corridor amortization is $ 17, 500
Calculating the problem:
The corridor is ($5,750,000 × 10%).
$ 5,75,000
The amount in excess of corridor = ($750,000 – 575,000).
$1,75,000
To calculate the corridor amortization of = ($175,000 ÷ 10 years).
$17,500
How is amortization expense calculated?Subtract the residual value of the asset from the original value. Divide this number by the life of the asset. The result is the amount that can be depreciated each year. If the asset has no residual value, simply divide the initial value by its lifetime.
What does Amortization mean?Amortization is an accounting technique used to spread the cost of using a non-current asset over the period in which it is expected to provide value. Amortization considers the cost over the life of a long-term asset (such as a computer or vehicle).
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The supply chain is __________________.
EVERFI; Transportation Central
The supply chain is the combination of all the things involved in the creation and sale of a product.
What is a Supply Chain?Supply Chain is a business term that is used to describe all the activities including the people, organizations, resources, activities, and technology from the delivery of raw materials from the supplier to the manufacturer through its process and to its final delivery to the end user.
Supply Chain is an essential part of business activities, as it involves the means of getting the products delivered to the final consumers.
Various types of Supply Chain are the following:The Continuous Model.The Fast Model.The Efficient Model.The Agile Model.The Custom-Configured Model.The Flexible Model.Hence, in this case, it is concluded that the correct answer is that Supply Chain involves various processes and personnel.
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what are the functions of securities markets? multiple choice question. they exchanges provide an opportunity for small investors to meet one another through ipos
a. to aid companies in locating the long-term capital they require to finance operations, grow their companies, or purchase goods and services.
b. To provide investors with a marketplace where they may purchase and sell investments like stocks and bonds to support their monetary future.
What is the security market and what does it do?Securities are money-raising financial products. The main purpose of the securities markets is to facilitate the transfer of capital from those who possess it to those who are in need of it. The stock market aids in the movement of resources from those who have idle resources to those who require them for productive purposes.
What traits does the security market have?The qualities of Security Market Line are as follows: It is an excellent illustration of the opportunity cost of an investment. The expected return for a securities or portfolio with a beta value of 0 is the same as the risk-free rate of return. The security market line's slope is determined by the market risk premium.
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Answer:
they provide long term funding for businesses and a place for investors to buy and sell stocks and bonds
Explanation:
ok investments, inc., files a financing statement to provide notice of its security interest in the property of pancake house restaurant. the initial effective term of a financing statement is a period of
The financing statement to provide notice of its security interest in the property. The initial effective term of a financing statement is a period of five years.
Investment is the determination of money to acquire an asset to obtain a growth in price over a time period. Investment requires a sacrifice of a few gift help, including time, cash, or effort. In finance, making an investment aims to generate a return from the invested asset.
The investment includes bonds, shares, and PPF amongst others, which enables growing cash and presents a further source of income. As investment enables us in developing our cash over a certain period of time, there is a particular risk accompanying the funding.
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Which of the following factors correctly explains the importance of social media for marketers? Multiple Choice McKinsey and Company estimates that between up to 50% of all purchases are driven primarily by word of mouth recommendations O Customers acquired through word-of-mouth avenues are worth twice as much as are those attracted through other channels All of these factors correctly explain the importance of social media for marketers According to Intuit co-founder Scott Cook. "A brand is no longer what we tell the consumer it is. It is what consumers tell each other it
It is to be noted that all the factors indicated correctly explain the importance of social media for marketers. (Option C)
Marketers can connect and engage potential clients wherever they are on social media. Marketers can engage their audience with a solid social media strategy and the ability to develop interesting content.
Social media may help you interact with your consumers and learn what others are saying about your company. Social media may also be used for advertising, promotional freebies, and mobile applications. Social networking may help your business acquire clients, gather feedback from customers, and increase customer loyalty.
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Full Question:
Which of the following factors correctly explains the importance of social media for marketers? Multiple Choice
McKinsey and Company estimates that up to 50% of all purchases are driven primarily by word-of-mouth recommendations
Customers acquired through word-of-mouth avenues are worth twice as much as are those attracted through other channels
All of these factors correctly explain the importance of social media for marketers
According to Intuit co-founder Scott Cook. "A brand is no longer what we tell the consumer it is. It is what consumers tell each other it
Which one of the fixed asset accounts listed below will not have a related contra asset account?
A. Land
B. Office Equipment
C. Building
D. Delivery Equipment
Answer:
Land.
Explanation:
what is retailing? group of answer choices it is the merchandising component of the retail mix. it is the set of business activities that adds value to the products and services sold to consumers for their personal use.
Retailing is the merchandising component of the retail mix. It includes the sale of products and services from the point of purchase to the end user who will utilize the product.
Retailingthe actions involved in selling commodities to final consumers for personal or home consumption: the business of selling things to clients directly for their own use. Goods in little quantities: A retail transaction involves far fewer items than a manufacturing or wholesale transaction. Direct to consumer: Retail outlets are the last points of distribution where real sales to customers take place. Retailing of services: Retailers do not necessarily sell actual products; their offers can include services. Service retailing is the method through which a retailer deals with services. Service retailing includes establishments such as restaurants, motels, and bars.
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If a company has a limited amount of land and capital, and it hires more than the ideal number of employees, what is likely to happen? (select the best answer. ).
If a company has a limited amount of land and capital, and it hires more than the ideal number of employees, Average productivity per worker will decrease.
What is Average Production Rate?
Across all occupations, the average worker is less than 60% productive every day. However, for office workers, this percentage drops significantly. A study conducted by Vouchercloud found that the average office worker is only productive at 2 hours and 23 minutes a day.
What is the employee productivity ratio?The labor productivity ratio is a ratio that expresses the number of labor units produced per working hour. Productivity metrics basically quantify outputs/inputs. Input is labor hours, output is labor units
How is employee performance measured?Employee productivity tracking tools allow organizations to record the completion of assigned tasks, monitor productivity levels, and understand what percentage of tasks are completed. Letting data decide is the fairest, most unbiased way to analyze performance
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when an infinite value is placed on human life, policymakers who rely on cost-benefit analysis a. would be forced to rely on private markets to provide public goods. b. are likely to make decisions that optimally allocate society's scarce resources. c. would not pursue any public project that would not save human life. d. are forced to pursue any project in which a single human life is saved
When an infinite value is placed on human life, policymakers who rely on cost-benefit analysis are forced to pursue any project in which a single human life is saved.
What is benefit ?A business benefit is the tangible result of an action or decision that helps achieve one or more business goals. This definition works well for many business planning, decision support, and other analytical needs, each serving a social purpose.Employee benefits are also called perks or fringe benefits. This is additional wages that employees receive on top of their monthly salary and wages. Examples of benefits include health insurance, stock options, and health insurance.These are some basic offered to employees. Employee benefits are any form of indirect remuneration paid to employees beyond their normal salary or wages. These include health insurance, retirement plans, paid vacation, etc.These are benefits that cannot be converted into money but have monetary value. They are typically used by employees without being owned by them. Examples are loans on special terms, or use of a company car or apartment.To learn more about benefit from the given link :
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you are the manager of a local distributor, and your vendor has just increased your price from $1.20/unit to $1.65/unit. however, the price that you can charge your client is locked in via contract at $2.05/unit. what has happened to the margin?
To keep the budget as intended, the business must evaluate the budget and find more places where expenses can be reduced.
The first job that needs to be accomplished in order to find expenses that can be cut is budget revision. To further improve performance, budget modifications should be made. As a result, money might be redistributed throughout the budget's many operations to provide a higher output. Assume that Mazeppa is now producing 100,000 units per year. If it wants to enhance operational income by $5 for each unit included in the special order, what unit price should it charge the distributor? Calculations in the middle should not be rounded. The business won't have to turn away any of its regular customers in order to fulfil the special order at its existing operational level of 100,000 units. It just needs to produce a contribution margin per unit of if it wants to improve operational income by for each unit in the special order.
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Which of the following is not a determinant of an organization's structure?
a strategy
b. organization size
C. industry
d. technology
The structure of an organization is not determined by the size of the organization.
A firm, institution, group, or other type of body made up of one or more people and serving a specific function is referred to as an organization or organization. The word is derived from the Greek word organon, which also refers to an organ and several tools or instruments. A wide range of legal entities exist, including corporations, governments, non-governmental organizations, political groups, international organizations, armed forces, charities, for-profit businesses, partnerships, cooperatives, and educational institutions, among others. A hybrid organization is one that performs public functions and creates commercial market activity simultaneously in the public and private sectors.
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as a new salesperson for a textbook publisher, kylie is creating a list of professors that decide what texts their schools use. she plans to email these prospective professors to determine what texts they are currently using and if they plan to adopt a new text. identifying those decision makers that are qualified and willing to consider one of her texts is called:
The initial stage of the selling process is prospecting. In order to convert them into existing customers, the salesperson identifies the potential clients and contacts them.
Which phrase describes the act of purchasing something?product promotion the practice of paying for a product to be featured positively in a television program or motion picture broadcast and cable television. Trade advertising is the form of advertising that makes up the greatest portion of overall advertising spending.
Which of the following is a demographic segmentation example?A company that makes recreational equipment segments its market based on geographic locations, creating unique products for consumers in various parts of the nation.
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If the price index moves from 107 to 110, what was the rate of inflation? Round to the first decimal place and do not include the % sign.
The exact inflation rate is estimated as (110 - 107)/107 = 0.028 = 2.8% when the price index rises from 107 to 110.
The benefit of employing price indices over the costs of the market basket is that indexing makes it simpler to estimate inflation rates visually. Looking at two annual figures for a price index, such as 107 and 110, reveals that the rate of inflation rate between the two years is about, but not quite, 3%.
A simple subtraction is not a terrible shortcut for figuring out the inflation rate when the base year is very close to 100, but it will not work when accuracy is required down to tenths of a percent.
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Which of the following is not a right or preference associated with preferred stock? To receive dividends in arrears before common stockholders receive dividends. b. Preference to corporate assets in case of liquidation. C. First claim to dividends. d. The right to vote.
The ability to vote is not a privilege or right connected to preferred stock.
The share capital component known as preferred stock can have any two or more qualities that common stock does not, including traits common to both equity and debt instruments. It's frequently thought of as a hybrid instrument. Preferred stocks are junior to bonds in terms of claim compared to common stock, but they might take precedence over ordinary stock in the payment of dividends and upon liquidation. The terms of the preferred stock are set forth in the articles of association or articles of incorporation of the issuing company. Preferred stocks are rated by the same major credit rating companies that grade bonds. The ratings of preferred stocks are lower than those of bonds because preferred dividends do not carry the same guarantees as bond interest payments, and because preferred-stock holders' claims are not as fully protected as bondholders'.
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in deciding whether to manufacture a part or buy it from an outside vendor, a cost that is irrelevant to this short-run decision is:
Future costs that differ between alternatives are referred to as relevant costs. Before an alternative is approved, these are used to determine which option will result in a greater benefit for the business.
Any cost that is relevant to a decision is considered to be a "relevant cost." If the decision results in a change in cash flow, the issue is relevant. The cash flow change could be: additional charges to be made.
What is a significant expense model?
A business buys loading equipment for a factory unit. Twenty manual laborers could save money on their wages by using this machine. These costs are important because the decision to buy will change them in the future.
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what is a drip? the slow accumulation of interest in a bank account a plan where dividends are used to buy more shares of a stock leakage of returns from a mutual fund due to high fees an automatic plan where money is transferred from your bank account to your brokerage every month to invest
A dividend reinvestment plan, or DRIP, automatically uses the proceeds generated from dividend stocks to purchase more stocks of the company.
A stock market, fairness market, or share market is the aggregation of consumers and dealers of shares, which represent possession claims on businesses; these may include securities listed on a public stock.
Even though the stock marketplace produces volatile returns, it has long records of outpacing inflation in the long run.
The primary motive of the Wall avenue crash of 1929 turned into the long length of speculation that preceded it, at some point in which tens of millions of humans invested their financial savings or borrowed cash to buy shares, pushing charges to unsustainable ranges.
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jan's company decides to locate its manufacturing to another country because that country's economic, political, and cultural conditions are conducive to the success of the company. jan's company is making its decision based on
Jan's company is making its decision based on Economic, political, and cultural analysis.
What is Economic ?
Economic freedom is the ability of individuals and businesses to act and make decisions in the marketplace without interference from government or other outside forces. It is a term that describes the level of economic autonomy a person or business has in making decisions about production, consumption, and investment. It includes the right to own property, have access to credit and financial services, engage in free trade, and operate businesses without excessive government regulation.
What is cultural analysis?
Cultural analysis is an approach to understanding the beliefs, values, behaviors, and social structures of a particular group or society. It examines the history and context of a culture in order to understand its development, and to identify and interpret patterns of social interaction and change. It is a tool for understanding how people interact with and shape their environment, and how the cultural environment shapes people's lives.
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waterway and crede, cpas, are preparing their service revenue (sales) budget for the coming year (2022). the practice is divided into three departments: auditing, tax, and consulting. billable hours for each department, by quarter, are provided below. department quarter 1 quarter 2 quarter 3 quarter 4 auditing 2,390 1,610 2,040 2,470 tax 3,060 2,200 2,040 2.550 consulting 1,530 1,530 1.530 1.530 average hourly billing rates are auditing $70, tax $80, and consulting $100. prepare the service revenue (sales) budget for 2022 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue.
The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter.
What exactly is tax?A tax is a compulsory fee or financial charge imposed by a government on a person or an entity in order to raise money for public works projects that provide the greatest infrastructure and facilities. Afterward, several public expenditure projects are funded using the funds obtained.
How come it's called tax?It comes from the Latin word taxare, which meaning "to evaluate." The related word "task," which comes from Old French, was previously used in English. For a while, the words "task" and "tax," the first needing labor and the second money, were both often used. The term "tax" later came to indicate something difficult or tiresome.
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Which of the following statements is true of nonprofit organizations?
a. They are firms that do not provide goods or services.
b. They are startup companies that have not yet generated any profits.
c. They engage in management activities to help reach their goals.
d. They do not engage in fundraising as their aim is not to generate profits.
e. They do not have a management structure like that of for-profit organizations.
the correct answer about nonprofit organizations is option c which is They engage in management activities to help reach their goals.
In contrast to a legal entity that operates as a business with the goal of making a profit for its owners, a nonprofit organization or non-profit organization is a legal entity organized and run for a collective, public, or social benefit. Nonprofit organizations are also referred to as nonprofit institutions, non-profit organizations, or not-for-profit organizations. The non-distribution constraint applies to nonprofits, which means that any surplus funds must be used to further their mission rather than being distributed to other parties. Many organizations, including some political ones, educational institutions, professional associations, religious institutions, social clubs, and consumer cooperatives, are nonprofit. Government approval is required for nonprofit organizations to be tax-exempt, however some may also be eligible for tax-deductible donations. However, an organization can incorporate as a nonprofit organization even if it does not have tax-exempt status.
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Which of the following could be considered to be the best measure of an improvement in living standards? an increase in government purchases an increase in real per capita GDP an increase in real GDP an increase in gross investment an increase in nominal GDP
The most reliable sign of growing living standards is the (C) annual growth rate of real GDP per capita.
What is the increase in real per capita GDP?Real GDP per capita annual growth rate.
The real Gross Domestic Product (GDP) per capita annual growth rate is measured as the percentage difference in real GDP per capita over two consecutive years.
By dividing GDP at constant prices by the population of a nation or region, one can get real GDP per capita.
The real GDP per capita annual growth rate is the strongest indicator of rising living standards.
The size of the economy as a whole increase with faster GDP growth, which also improves fiscal conditions.
The material standard of living for the average American rises as a result of broadly shared growth in per capita GDP.
Therefore, the most reliable sign of growing living standards is the (C) annual growth rate of real GDP per capita.
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Correct question:
Which of the following could be considered to be the best measure of an improvement in living standards?
a. an increase in government purchases
b. an increase in real per capita GDP
c. an increase in real GDP
d. an increase in gross investment
e. an increase in nominal GDP
What dimension of the business use of cloud systems focus on the benefits of rapid deployment, on-demand provisioning, and disaster recovery?
Question 3 options:
Streamlined Business Development
Financial Savings
Regulatory Compliance
Increased Flexibility
Flexibility and scalability Cloud computing increases your company's flexibility. Without having to make an investment in physical infrastructure, you can quickly increase storage and resources to meet business needs.
The infrastructure required to support their highest load levels does not need to be purchased or constructed by businesses.
In cloud computing, what does on-demand provisioning mean?In the delivery model known as on-demand computing (ODC), computing resources are made available to users as needed. The resources may be provided by a cloud service provider or maintained within the user's company.
What advantages does the On-demand cloud feature provide?A model of computing in which computing resources are made available as needed is known as on-demand computing. To put it another way, a service provider makes its products and services available to customers as they become necessary. The most obvious advantage of this model is how effectively it uses the resources at its disposal.
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Which one of the following assets can be used as part of a sharing economy?
A) cars
B) homes
C) skills
D) all of the above
All of the above that is cars, homes and skills can be used as part of a sharing economy. Hence, option D is correct.
The sharing economy is a socioeconomic structure based on capitalism that emphasizes resource sharing. It frequently involves a different method of buying goods and services than the conventional business model, which involves employers hiring workers to create commodities that are then sold to customers. Irbnb is a community marketplace where users may list, find, and reserve distinctive lodgings all over the world online or from a smartphone or tablet. People can use Airbnb to make money from their surplus space and market it to a large, niche audience. Ridesharing, peer-to-peer lending, renting out apartments or homes, reselling, coworking, and talent sharing... The sharing economy, which is sometimes referred to as the cooperation economy, is booming in a variety of markets.
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Which of the following can be used without coordinating with managers of succeedingactivities?
A. Total Slack
B. Free Slack
C. Critical Float
D. Float Pad
E. Slip Pad
Free slack can be utilized from following without coordination to executives of succeeding activities.
What exactly do managers mean?
A manager is an individual who takes on a management role in a company and manages a group of employees. Managers are frequently in charge of a specific department within their organization. There are many different kinds of managers, but all of them have responsibilities such as conducting evaluations of performance and making decisions.
Which are the responsibilities of a manager?
Maintains staff by trying to recruit, choosing, orienting, and training new employees. Ensures a safe, safe, and legal working environment. Creates opportunities for personal growth. Staff results are achieved besides interacting work expectations; trying to plan, monitoring, but also appraising job results.
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Which AICPA Conduct rule applies only to members in the practice of public accounting?
a) General Standards (201)
b) Accounting Principles (203)
c) Independence (101)
d) Compliance with Standards (202)
Answer:
c) Independence (101)
the trust established by a decedent's will is
A testamentary trust is a trust that will hold some or all of the assets listed in the last will and testament of the beneficiary. After someone passes away, a testamentary trust is created, in which the executor or executrix settles the estate in accordance with the terms of the will.
How is a testamentary trust named?The trust's entire name as it appears on the trust document. when the trust was established. If you are unable to supply a trustee, ETF may accept another contact person. The name of the trustee, followed by the word "trustee.
What distinguishes an inter vivo trust from a testamentary trust?A testamentary trust is one that is established by the grantor's will, whereas a living trust is one that is established during the grantor's lifetime (also known as an inter vivo trust). Only a financed living trust is exempt from probate.
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Which of the following one-time payments are renters typically required to pay in addition to their first month's rent when they sign a lease?
a. security deposit
b. renters insurance premium
c. lease tax
d. utilities down payment
answer
a. security deposit
steps
it supposed to cover any damages to the apartment when the person leaves
Security deposit is one-time payments are renters typically required to pay in addition to their first month's rent when they sign a lease. Thus, option A is correct.
What is the security deposit?A security deposit is defined as a monetary amount held in trust as an initial part-payment in a purchasing, also known as a proper payment, or as part of a rental agreement to protect.
A security deposit is money paid to the property owner. It is an apartment to demonstrate the intention to live there and care for it. A person can get it back later, but if you don't, they'll use it to repair the damage. It is essential for both parties. This is critical because one side requires protection.
Therefore, option A is correct, that hen signing a lease, renters are typically required to pay a security deposit in addition to the first month's rent.
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a) feb. 3 issued 48,000 shares of $5 par value common stock at $27 cash per share. (b) feb. 27 issued 10,800 shares of $50 par value, 8% preferred stock at $88 cash per share. (c) mar.31 purchased 6,000 shares of its own common stock at $30 cash per share. (d) june. 25 sold 3,600 shares of its treasury stock at $38 cash per share. (e) july. 15 sold the remaining 2,400 shares of treasury stock at $29 cash per share.
A balance sheet is an economic statement that reviews a corporation's assets, liabilities, and shareholder equity. The stability sheet is one of the 3 core monetary statements that are used to evaluate a commercial enterprise. It offers a photograph of a corporation's finances (what it owns and owes) as of the date of the booklet.
Balance Sheet income statement Transaction cash
+ Noncash assets = Liability + Contrib. Capital + Earned Rev – Expen-
= internet Asset its Capital earnings
Feb. 3: Issued 48,000 shares of $5 par value commonplace stock at $27 coins in keeping with the percentage
1,080,000 =200,000 – = coins not unusual inventory
880,000 additional Paid-in Capital
Feb. 27: Issued 10,800 shares of $50 par cost 8% preferred stock at $88 coins in step with share - =coins not unusual inventory
880,000 additional Paid-in Capital
Feb. 27: Issued 9,000 shares of $50 par cost eight% preferred stock at $88 coins in step with share
792,000 = 450,000 – = cash favored inventory 342,000
upload Paid-in Capital
Mar 31: purchased 6,000 stocks of not-unusual stock at $30 per share
–150,000 = –a hundred and fifty,000 – = cash Treasury stock
Jun 25: bought 3,600 shares of treasury stock at $38 cash in keeping with proportion
114,000 = ninety,000 – = coins Treasury inventory
24,000 extra Paid-in Capital.
Jul 15: sold 2,400 shares of treasury inventory at $29 coins consistent with share
58,000 = 60,000 – = coins Treasury inventory –2,000 extra Paid-in Capital.
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organizations with a uniform relational compensation strategy:
Which company is most likely to have a larger proportion of total pay at risk? a business that employs differentiation tactics.
What exactly does it entail to be compensated?The word "compensation" typically refers to a financial payment provided to a person in exchange for their labor. At the office, workers toil to pay their bills. It includes the owner's salary or wages, any commission earned, and any additional perks or bonuses related to the position.
Which four forms of compensation are there?Hourly, salary, commission, and bonus pay are the four main categories of direct compensation. The majority of people who inquire about compensation want to hear about direct compensation, especially base pay and indirect compensation. Hourly pay, salary, commission, and bonuses are the four primary forms of direct compensation.
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when a high school graduate needs to make a decision between continuing his or her education or entering the job market, but he or she cannot go because he or she has limited means to pay for tuition, books, and incidentals, this is known as .
When a high school graduate needs to make a decision between continuing his or her education or entering the job market, but he or she cannot go because he or she has limited means to pay for tuition, books, and incidentals, this is known as scarcity.
What is scarcity?Scarcity refers to the fact that there are few resources compared with our needs and desires.
Scarcity can be with respect to any natural resources or with respect to any scarce commodity. In this case, scarcity refers to a high school graduate that doesn't have money to pay for his university and has to work. Another example can be the scarcity of water on the planet.
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