Suppose that the economy is in a recession as a result of a fall in investment spending and real GDP is below potential GDP.
Definitions:
Net Operating Income
A measure of a company's profitability, calculated by subtracting operating expenses from operating revenue, excluding taxes and interest.
Raw Materials Account
An account used to track the cost of raw materials not yet used in production in a company's inventory.
Ending Balance
The amount of money remaining in an account at the conclusion of a time period, after all additions and subtractions have been accounted for.
Work in Process Account
An account used in the manufacturing process to track the costs associated with production that is not yet completed, including labor, materials, and overhead.
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