4. at the end of may, the following adjustment data were assembled. analyze and use these data to complete parts (5) and (6). • insurance expired during may is $275. • supplies on hand on may 31 are $715. • depreciation of office equipment for may is $330. • accrued receptionist salary on may 31 is $325. • rent expired during may is $1,600. • unearned fees on may 31 are $3,210.

Value economics capital scarcity opportunity cost wealth labor trade-offs standard of living good a. condition of not having enough resources to produce all the things people want b. alternative choices made by consumers in the marketplace c. sum of those economic products that are tangible, scarce, useful, and transferable d. tools, equipment, machinery, and factories used in the production of goods and services e. tangible item that is economically useful or that satisfies an economic want f. quality of life based on the ownership of the necessities and luxuries that make life easier g. people with all their efforts, abilities, and skills h. cost of the next-best alternative use of money, time, or resources when one choice is made rather than another i. study of how people try to satisfy their needs through the careful use of scarce resources j. worth that can be expressed in dollars and cents