A potential legal claim which is probable and the amount can be reasonably estimated should be: multiple choice recorded in the financial statements as a contingent liability. disclosed in the notes while the lawsuit is outstanding. disclosed in the notes when the lawsuit is settled. is a potential liability that has arisen because of a past event or transaction.

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

d) social security number

let me know if i am correct or not, so i can edit the answer.

answer; /// blank(1); increases; blank(2); decreases;