Examlex
When adjusting entries are entered onto a work sheet,it is not necessary to record them in the general journal.
Capacity Utilization
A measure of how fully an economy's productive capacity is used, typically expressed as a percentage of total potential output.
Production Possibilities Frontier
An economic model that depicts the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently utilized.
Full Employment
An economic situation where all available labor resources are being used in the most efficient way possible, typically characterized by low unemployment.
Entrepreneurial Ability
The innovation and risk-taking skills that a person possesses to create and manage a business successfully.
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