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Once adjustments have been made, an ____________________ is prepared to ensure the accounting equation is still in balance and to facilitate preparation of the financial statements.
Indifference Curve
An economic graph representing combinations of goods that give a consumer equal satisfaction and utility.
Subjective Value
The individual and personal valuation of a good or service rather than its market value, based on personal preferences, needs, or satisfaction derived.
Equilibrium
A balance between market demand and supply that results in steady prices.
Budget Line
A budget line represents all combinations of goods and services that a consumer may purchase given current prices and income levels.
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