Santana, Inc. reports the following liabilities (in thousands) on its January 31, 2014, balance sheet and notes to the financial statements. Accounts payable $4,263.9 Mortgage payable $6,746.7Accrued pension liability 1,115.2 Operating leases 1,641.7Unearned rent revenue 1,058.1 Notes payable (due in 2017) 335.6Bonds payable 1,961.2 Salaries and wages payable 858.1Current portion of mortgage payable 1,992.2 Notes payable (due in 2015) 2,563.6Income taxes payable 265.2 Unused operating line of credit 3,337.6Warranty liability—current 1,417.3Prepare the liabilities section of Santana’s balance sheet as at January 31, 2014.

Brian has just finished college. he wants to set up a small business to make and sell fireworks. he registers his company and acquires a license from the government. he finds that most of his competitors are selling fireworks at an extremely low price. he would like to make more money, so he decides to innovate and develop better fireworks. he sells his fireworks at a higher price, and they are a huge hit with the customers. after a few years, he earns enough profit to set up a bigger fireworks factory that complies with the government’s health and safety regulations. he even starts exporting fireworks overseas. which type of economy does this scenario describe?