Using the T-accounts of the First National Bank and the Second National Bank, describe what happens when Jane Brown writes a check for $75 on her account at the First National Bank to pay her friend Joe Green, who in turn deposits the check in his account at the Second National Bank. T-account for the First National Bank:

Using the double entry principle ,input the transaction considering the positive and negative reflection and using the reserves and checkable account

Explanation:T-account for the First National Bank:

Assets reflect negative 75in reserves; liabilities reflect negative 75 in checkable deposits.

T-account for the Second National Bank:

Assets reflect positive 75in reserves; liabilities reflect positive 75 in checkable deposits

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; someone must cover the cost associated with the provision of scarce goods in both sectors;