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Explain how the free-market mechanism adjusts prices so that resource allocation is economically efficient.
Depreciation Expense
The portion of the cost of a fixed asset that is recorded as an expense each year of its useful life.
Working Capital
Current assets minus current liabilities, indicating the liquidity available to a business for day-to-day operations.
Closing Entry
An accounting transaction recorded at the end of an accounting period to transfer the balances of temporary accounts to permanent ones.
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