PART 1

Joe is a year 11 student who gets his lunch from the school canteen each day.
He has just $3 to spend, each item costs $2.50, here are his choices in order of preference:
Meat pie
Pizza slice
Sandwich

Use the information above to explain the concepts of choice, opportunity cost and scarcity, and then explain how they are linked for Joe.

1. Choice

2. Opportunity cost

3. Scarcity

4. Links between these three concepts for Joe

Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?

Edna gomez is the founder of the restaurant chain good and green. she ensures that the products in her stores are ethically and responsibly sourced. most products are therefore 100 percent organic and all packaging is manufactured from recycled material. also, her company sources ingredients from farms within 100 miles from her locations. edna's belief is that her restaurants should be able to support the community at large. which of the following terms best describes edna gomez? a. headhunter b. category captain c. social entrepreneur d. trade creditor

Rahm's credit card issuer calculates interest based on the outstanding balance at the end of the last billing period. what is this method of calculating interest on a credit card called?