Production of Goods and Services That Is Not Officially Recognized

question 151

Short Answer

Production of goods and services that is not officially recognized and is, therefore, not subject to taxation is said to occur in the _______ economy.

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Definitions:

Commission

A fee paid for services, usually a percentage of the sale made or a transaction completed.

Sale Received

The revenue or income received from completed sales transactions.

Accrued Interest

Interest that has been earned but not yet received or paid. It accumulates from one payment period to the next.

Commission

A fee paid to an agent or employee for facilitating a sale or transaction, which is often a percentage of the sale price.