The purpose of closing entries is
to close or reduce the temporary account to zero.
to prepare a balance sheet.
to prepare a statement of owner's equity.
to prepare a trial balance.

To close or to reduce the temporary account to zero

Explanation:

The purpose of closing entries is to reduce the temporary account balance to zero. The temporary account is mainly used for a short period of time and for any specific work when that specific work is completed then these temporary account balance is reduced to zero

The other purpose of closing entries is to record t net amount and net income  of the organization

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; /// blank(1); increases; blank(2); decreases;