The Three Problems of Resource Allocation Are Faced by

question 137

Multiple Choice

The three problems of resource allocation are faced by

• A) traditional societies
• B) command systems
• C) centrally planned economies
• D) market economies
• E) all types of societies

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Definitions:

Sales Journal

A specialized accounting journal that records the company's sales transactions, typically on credit.

Gross Profit

The difference between revenue and the cost of goods sold before deducting overheads, payroll, taxation, and interest payments.

Accounts Receivable

Money owed to a company by its debtors for goods or services that have been delivered or used but not yet paid for.

Purchases

Merchandise for resale. It is a cost.