Which Was the First Economy in the Modern World to Transition

question 28

Multiple Choice

Which was the first economy in the modern world to transition from an agricultural economy to an industrial economy to a service economy?

• A)Hong Kong
• B)United Stated of America
• C)United Kingdom
• D)Bahamas
• E)Japan

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Definitions:

Discount Period

The time frame during which a buyer can pay less than the full invoice amount due to early payment incentives.

Sales Tax

A government-imposed tax on sales of goods and services, typically collected at the point of sale from consumers.

Charge Customer

This involves billing a customer for goods or services rendered, resulting in an accounts receivable entry in the company's books.

Accounts Receivable

Amounts owed to a company by customers for goods or services that have been delivered or used, but not yet paid for.