On February 1, 2016, Edwards Corporation purchased a parcel of land as a factory site for $100,000. It demolished an old building on the property and began construction on a new building that was completed on October 2, 2016. Costs incurred during this period are

some parts of the question are missing:

Costs incurred during this period are: Demolition of old building $10,000 Architect's fees $20,000 Legal fees for title investigation and purchase contract $4,000 Construction costs $625,000 Edwards sold salvaged materials resulting from the demolition for $2,000

the purchase cost of the land = $100,000 (purchase price) + $10,000 (demolition of old building) + $4,000 (legal fees) - $2,000 (sales of salvaged materials) = $112,000

the cost of the building = $625,000 (construction costs) + $20,000 (architect's fees) = $645,000

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