Victor is the recipient of $1 million from a lawsuit. victor decides to use the money to purchase a small business in florida. his business operates in a perfectly competitive industry. if victor would have invested the $1 million in a risk-free bond fund, he could have earned $100,000 each year. after he bought the small business, victor quit his job as a market analyst with research, inc., where he used to earn $75,000 per year. at the end of the first year of operating his new business, victor’s accountant reported an accounting profit of $150,000. what was victor’s economic profit?

dez nutz lol

explanation:

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

1. c

2. b

3. a

4. c

5. a

6. b

7. c

8. c

9.b

10. d

just took it 100%

answer; experimentation;