Listed Below Are Various Column Headings That May Appear in Special

question 82

Essay

Listed below are various column headings that may appear in special journals. Using the following code letters identify for each column heading (1) the special journal where the column heading would appear and (2) whether the amounts entered under the column heading would be posted in total individually or both in total and individually. (Note: column headings may appear in more than one special journal)

---

Definitions:

Classical Economists

Economic theorists from the 18th and 19th centuries, including figures like Adam Smith, David Ricardo, and John Stuart Mill, who focused on the idea of free markets, self-regulating economies, and the importance of competition.

Saving

The portion of income not spent on current consumption but reserved for future use.

Flexible Prices

A characteristic of markets where prices can change easily and rapidly in response to shifts in supply and demand.

Aggregate Supply Curve

A graphical representation depicting the total supply of goods and services that firms in an economy are willing to produce at various price levels.