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In a not-for-profit entity a budget can be prepared either on an expenditure basis or on a program basis.Discuss.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision or choosing an action.
Production Possibilities
The various combinations of goods and services that can be produced in an economy with a given set of resources and technology.
Absolute Advantage
A situation where a producer can produce more goods using the same amount of resources or less than other producers.
Production Possibilities
A graphical representation of the maximum number and combinations of goods and services that can be produced from a fixed set of resources.
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