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This Concept Map, created with IHMC CmapTools, has information related to: KCichoski 1, Economics consists of Microeconomics, Liabilities are decreased by Debits, Statement of Owner's Equity reports Retained earnings over a time period., Economics studies concepts like Trade, Liabilities are An obligation resulting from past transactions., Management must understand Accounting, Debits show any money payed into an account., Accounting includes 3 areas Managerial Accounting, Management focuses on Organization, Marxism & Neo-Classic Economics studied the Decision making & Consumer Theories., The study of how people choose to use their scarce resources. which means scarcity is the economic problem., Credits These are Debits, Microeconomics studies how individuals, households, & firms make decicions to allocate resources., the purchase and sale or trade of goods in an attempt to make a profit. includes Profit, Balance Sheet shows Assets, Liabilities, & Owner's Equity, Accounting Profit equals Business sales minus costs., Keynesian Economics derives from Johns Maynard Keynes, Accounting includes 3 areas Tax Accounting, Profit relies on Accounting, Accounting includes 3 areas Financial Accounting