Ed, an employee of the natural color company, suffered from a rare disease that was very expensive to treat. the local media ran several stories about ed’s problems, and the family created a website that generated more than $10,000 in gifts from individuals to pay the medical bills. ed’s employer provided hospital and medical insurance for its employees, but the policy did not cover ed’s illness. when it became apparent that ed could not pay all of his medical expenses, the hospital canceled the $25,000 ed owed at the time of his death. after ed’s death, his former employer paid ed’s widow $12,000 in "her time of need." ed’s widow also collected $50,000 on a group term life insurance policy paid for by ed’s employer. what are ed’s and his widow’s gross income?

What do economists mean when they use the latin expression ceteris paribus?

Choose the best term for each definitionexpense, liability, monetary asset, statement of financial position, tangible asset, net worth, market value, investment asset, income, assetitems of monetary value a person or household ownsmoney spentmoney receivedfinancial assets purchased with the hope that they will generate income and appreciate in value to make it possible to sell at a higher price in the futurea debt or obligation owed to othersthe amount you could realistically sell an asset forassets that can be quickly and easily converted into casha measure of financial wealth and indicates the monetary value of all possessions that a person or household owns, minus the total amounts owed to othersa financial statement that describes an individual or family's financial condition on a specified date by showing assets, liabilities, and net worthpersonal property that was purchased to create a lifestyle or improve your life

Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.