The following information pertains to Deal Corp.'s 2004 cost of goods sold: Inventory, 12/31/03 $ 90,000 2004 purchases 124,000 2004 write-off of obsolete inventory 34,000 Inventory, 12/31/04 30,000 The inventory written off became obsolete due to an unexpected and unusual technological advance by a competitor. In its 2004 income statement, what amount should Deal report as cost of goods sold? $124,000 $150,000 $218,000 $184,000

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

a.

1. avoid them

2. a talk with them

3. ask someone you trust

4. ignore

5. call police

answertop managers;