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Describe the link between institutional quality and TFP.
Merchandise Sold
Goods that have been sold by a company, generating revenue; part of the sales process in a retail or wholesale environment.
Cost of Goods Sold
The direct costs attributable to the production of the goods sold in a company, including the cost of raw materials and labor.
Credit Terms
Agreed upon conditions under which a buyer can pay at a later time for goods or services received, typically specifying the time period and any discount for early payment.
Perpetual Inventory System
An accounting method that records inventory transactions in real-time, immediately affecting the inventory account whenever an item is received or sold.
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