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In an absorption-costing statement, revenue less variable manufacturing cost is the gross margin.
Equity
The concept of fairness in economics, typically referring to ownership interest in a company or property, or the idea of justice in distribution of wealth or resources.
Command Economy
An economic system where the government controls the major aspects of production, distribution, and exchange of goods and services.
Central Planning
An economic system where all major production, investment, and distribution decisions are made by a central authority, typically the government.
Free Enterprise
An economic system in which private businesses operate in competition and largely free of state control, with minimal government intervention.
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