An Economy That Interacts with Other Economies Is Known as

question 47

Multiple Choice

An economy that interacts with other economies is known as

• A) an export economy.
• B) a friendly economy.
• C) an open economy.
• D) a balanced trade economy.
• E) an import economy.

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Definitions:

Payroll

The total amount of wages and salaries paid by a company to its employees for a set period, including necessary taxes and deductions.

Share of the Profits

This term refers to the portion of a company's profits allocated to its shareholders or partners, indicating their financial gain from the business's success.

Closing Entry

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts.