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"_____" means that the value of the item can be realized,or must be paid as cash within one year,while "_____" means that the asset will still be valuable more than one year in the future,or that the business may take longer than one year to pay the amount owed.
Capital Goods
Long-lasting goods that are used in the production of other goods and services but are not themselves part of the end product.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision, representing the benefits one misses out on when choosing one option over another.
Socialistic Economies
Economic systems where the production and distribution of goods and services are controlled by the state, aiming for equal wealth distribution and reduction of economic inequalities.
Central Planning
Describes an economic system where the government makes all decisions about the production and distribution of goods and services.
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