A small business owns $50,000 worth of equipment but has a $20,000 bank loan to pay off. Question: Does the business have more assets or liabilities? How does this affect its financial stability?

Balenciaga shoes is an example of an______

You go to a restaurant and pay for a meal. The food is delicious, and the server brings it to your table. Question: Which part of this experience is a good, and which part is a service?

If I cannot live without this, it is a ______

A family has enough money to pay for groceries and rent but is considering a vacation. Question: Is the vacation a need or a want? What should they prioritize?

A new gaming console is released during the holiday season, and everyone wants to buy it, but only a limited number are available. a) What happens to the price of the console when demand is high, but supply is low?

You own a car worth $10,000, but you still owe $6,000 on the car loan. Question: Is the car an asset, a liability, or both? Why?

Ps6 dropped yesterday, it sold out in all of Mobile stores, what was the demand in this scenario?

If i own my car, is it a liability or asset?

I serve Hamburgers and fries at my restaurant, what is the supply in this scenario?

You buy a subscription to an online music platform to listen to songs. Question: Is this subscription a good or a service, and why?

The average person makes $__,____ a year