Examlex
What are Adam Smith's four canons of taxation? Briefly describe each.
Investment
The allocation of resources, such as capital or time, with the expectation of generating an income or profit.
Absorption Costing
An accounting method that includes all manufacturing costs, both direct and indirect, in the cost of a product.
Markup
The amount added to the cost of merchandise to arrive at the selling price, usually expressed as a percentage of the cost.
Selling Price
The amount of money a buyer pays to acquire a product or service from a seller.
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