Assume that you own a sole proprietorship. Your first year earnings were $75,000, and your explicit costs were $55,000. If you could have worked at another establishment and earned $25,000, which of the following is true

a. Your firms earned an economic profit of $20,000

b. Your firms total implicit costs were $80,000

c. Your firm substained an economic loss of $5,000

d. Your firms total costs are $100,000

C

Explanation:

Economic profit = total revenue - total cost where total cost = explicit cost + implicit cost

economic profit = $ 75 000 - $ ( 55000 + 25000) = - $ 5000

which means the firm sustained an economic loss of $ 5000

this conflict is person vs. society

if you need further explanations, comment below!

hope this ! < 3

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