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Which of the following is an amount for products or services purchased on account?
Corporations
Legal entities recognized by law as separate from their owners, with the ability to own assets, incur liabilities, and engage in contracts or legal actions.
Market System
A market structure where the decisions about production, investment, and distribution are driven by the price signals that emerge from the dynamics of supply and demand.
Scarce Resources
Resources that are limited in supply and cannot satisfy all the demands placed on them.
Circular Flow Model
A simplified economic model that illustrates how money, goods, and services move through the economy in different markets between households and firms.
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