Examlex
Asset, liability and revenue accounts are not closed as long as a company continues in business.
Marginal Product
The additional output that is produced by utilizing one more unit of a variable input, holding all other inputs constant.
Labor Market
The marketplace in which employers find workers and workers find jobs, characterized by supply and demand for labor.
Marginal Revenue Product
The extra income obtained by employing an additional unit of a production factor.
Total Losses
The complete financial loss amount suffered by an entity, typically used in insurance when referring to a loss where the insured item is totally damaged or destroyed.
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