Ems Flashcards
1
Q
What I an economic problem
A
Having unlimited wants but having limited resources
2
Q
Name 5 disadvantages of barter trade
A
It wasn’t always practical
It was hard to find what you wanted
Lack of common measure of value
No late payments were allowed
3
Q
What is an asset
A
The monies or various items that belong to a business
4
Q
What is a liability
A
It’s is a debt or money owed by the business
5
Q
What is capital
A
Money and other items that the owner invests in his or her business
6
Q
Equity?
A
That which belongs to the owner of the business
7
Q
What is income
A
Money earned
8
Q
What is profit
A
