During 2017, Martinez Company started a construction job with a contract price of $1,580,000. The job was completed in 2019. The following information is available. 2017 2018 2019Costs incurred to date $404,000 $853,160 $1,073,000Estimated costs to complete 606,000 254,840 –0–Billings to date 301,000 904,000 1,580,000Collections to date 271,000 812,000 1,418,000Complete a chart analyzing the above information showing revenue, the % of completion every year and the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.

answer; encouraging the development of innovations by firms attempting to break a monopoly; (creative destruction)

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

answer; advertising;

answer loneliness;