Match each of the following accounts to its proper balance sheet classification.

Accounts Payable

Accounts Receivable

Accumulated Depreciation

Buildings Intangible Assets

Cash Long-Term Liabilities

Goodwill Property, Plant, and Equipment

Income Tax Payable Common Stock

Investment in Long-Term Bonds Retained Earnings

Land Current Assets

Inventory Current Liabilities

Patent Long-Term Investment

Supplies

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

answer///supply is elastic, and demand is inelastic;