Match Each Term with the Correct Statement Below

question 3

Multiple Choice

Match each term with the correct statement below.
-Taking unfair advantage of your situation to benefit yourself or others instead of putting the employer's interest first.

• A)hypocrisy
• B)integrity
• C)fraud
• D)petty theft
• E)code of ethics
• F)situational ethics
• G)self-righteousness
• H)conflict of interest
• I)ethics
• J)unethical behavior

Understand the causes and effects of shortages and surpluses in the market.

Analyze the economic impact of government intervention in the price system through examples like usury laws and minimum wage laws.

Understand the concept of market equilibrium and how changes in supply and demand affect it.

Comprehend the effects of government interventions such as price floors and price ceilings on market equilibrium.

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Definitions:

Consignment

A sales arrangement in which goods are placed in the care of another, but ownership and title remain with the supplier until the goods are sold.

Net Income

The amount of earnings after all expenses and taxes have been deducted from revenue.

Ending Inventory

The cumulative worth of merchandise ready for purchase at the closure of a financial period.

LIFO Method

Last In, First Out method; an inventory valuation technique where the latest items added to the inventory are the first to be sold.