The business incurred an expense and paid it immediately. to record this options: an expense is debited and a liability is credited an expense is debited and an asset is credited an expense is debited and capital is credited none of the above answers are correct.

The business incurred an expense and paid it immediately. To record this an expense is debited and an asset is credited. To keep the account ledger correct, you must debit the expense and take it out of that account. Then the asset is credited because the asset is now on hand.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

c

explanation: