Examlex
List and describe three reasons why a company and its managers could benefit from the use of budgeting.
Surplus
The amount of an asset or resource that exceeds the portion that is actively utilized.
Competitive Market
A market structure where many firms offer products or services that are similar, encouraging competition and efficiency.
Input Prices
The cost of resources used in the production of goods or services, including raw materials, labor, and overheads.
Technological Change
Refers to the improvement or innovation in technology, affecting how goods or services are produced or delivered.
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