Match the Terms with the Definitions

question 68

Multiple Choice

Match the terms with the definitions.

-Looking at events that have taken place and thinking about how they affect the business.

• A) accountant
• B) accounting
• C) accounting derk
• D) analyzing
• E) auditing
• F) bookkeeper
• G) budgeting
• H) Certified Public Accountant
• I) classifying
• J)controller
• K) corporation
• L) cost accounting
• M) financial accounting
• N) generally accepted accounting principles
• O) internal auditing
• P) interpreting
• Q) manufacturing business
• R) merchandising business
• S) para-accountant
• T) partnership
• U) recording
• V) reporting
• W) service business
• X) sole proprietorship
• Y) summarizing
• Z) tax accounting

Distinguish the effects of market changes on prices and quantities in specific scenarios.

Interpret the implications of the invisible hand concept for economic prosperity and social cooperation.

Realize the importance of competition, consumer choice, and freedom in pricing for the effective operation of markets.

Assess the impact of external events on market prices and the allocation of scarce resources.

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Definitions:

Natural Adjustments

Natural adjustments refer to the self-correcting mechanisms of markets or economies that respond to imbalances or disruptions without the need for external intervention.

Expansionary Gap

A situation where the actual output of an economy exceeds its potential output, typically characterized by increasing prices.

Self-corrects

Refers to the ability of a market or economic system to automatically adjust and return to equilibrium without outside intervention.

Active Approach

A strategy or method that involves direct engagement and proactive measures in addressing issues or tasks.