Examlex
A business collects cash from a customer on settlement of accounts receivable. Which of the following accounts will be credited?
Financial Capital
The funds provided by lenders (and investors) to businesses to purchase real capital equipment for producing goods/services.
Labor Supply Curve
A visual chart that displays how the wage rate correlates with the amount of labor that workers are prepared to offer.
Substitution Effect
The economic principle that as prices rise, consumers will replace more expensive items with less costly alternatives.
Income Effect
The impact that changes in either personal or economic income have on how much of a good or service is sought after.
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