The Tools, Instruments, Machines, and Buildings That People Use to Produce

question 222

True/False

The tools, instruments, machines, and buildings that people use to produce goods and services are called human capital.

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Definitions:

Retail Inventory Method

An accounting method used to estimate inventory cost for retail businesses by applying a constant gross margin percentage.

Gross Profit Ratio

A financial metric that measures a company's gross profit as a percentage of its revenues, indicating efficiency in using labor and supplies.

Net Realizable Value

The estimated selling price of an item in the ordinary course of business minus any cost associated with the sale or disposal of the item.

Selling Price

The amount of money for which a product or service is sold to the customer.