Examlex
An account's balance is the difference between the total debits and total credits for the account, including any beginning balance.
Industry
A sector of the economy that produces goods, services, or related products, categorized by their business activities.
Long-Run Equilibrium
A state in a market where all adjustments have been made and all inputs, including physical capital and labor, can be varied to reach an optimal output level.
Short-Run Equilibrium
The state in which the quantity supplied equals the quantity demanded within a short time frame, often with some factors held constant.
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