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Minimum wage laws tend to make the price level more flexible rather than less flexible.
Perpetual Inventory System
An inventory management system where inventory levels are updated in real-time with each sale or purchase.
Periodic Inventory System
An inventory management system where the inventory count is conducted at specific intervals to determine the cost of goods sold.
Discount Period
The time frame in which a discount is offered for prompt payment of an invoice, encouraging early payment by customers.
Shrinkage
The loss of inventory that can occur from theft, damage, or errors in the counting or recording of stock.
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