Presented below are condensed data from the financial statements of Gallo Factory for 2014 and 2013.The figures are expressed in thousands.Use this information to answer the questions that follow.
Required: How much of Gallo Factory is financed by creditors at the end of December of 2014? Evaluate the change from 2013 to 2014.
Definitions:
Short Run
A period in economics during which at least one input (e.g., factory size) is fixed and cannot be changed.
Long Run
A period of time in economics during which all factors of production and outputs are variable, allowing for full adjustment to changes.
Perfect Competitor
A theoretical concept in which a market structure has many small sellers, all producing homogeneous products with no control over market price.
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, representing additional gain over and above normative expectations.
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