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Zanibe Almaamar 1st Hour Tri 2 Week 6 Flashcard

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Cost Of Production

Cost Of Production
A cost incurred by a business when manufacturing a good or producing a service.
A cost incurred by a business when manufacturing a good or producing a service.
Wage
Monetary compensation (or remuneration, personal expenses, labor) paid by an employer to an employee in exchange for work done.
Monetary compensation (or remuneration, personal expenses, labor) paid by an employer to an employee in exchange for work done.
Export
The goods and services that are made in one country and transmitted to foreigners.
The goods and services that are made in one country and transmitted to foreigners.
Checking Account
An account at a bank against which checks can be drawn by the account depositor.
An account at a bank against which checks can be drawn by the account depositor.
Exchange Rate
The value of one currency for the purpose of conversion to another.
The value of one currency for the purpose of conversion to another.
Tax
A compulsory contribution to state revenue, levied by the government on workers’ income and business profits or added to the cost of some goods, services, and transactions.
A compulsory contribution to state revenue, levied by the government on workers’ income and business profits or added to the cost of some goods, services, and transactions.
Training
The action of teaching a person or animal a particular skill or type of behavior.
The action of teaching a person or animal a particular skill or type of behavior.
Trade
A basic economic concept that involves multiple parties participating in the voluntary negotiation and then the exchange of one’s goods and services for desired goods and services someone else possesses.
A basic economic concept that involves multiple parties participating in the voluntary negotiation and then the exchange of one’s goods and services for desired goods and services someone else possesses.
Earned Income
Money derived from paid work.
Money derived from paid work.
Surplus
An amount of something left over when requirements have been met;an excess of production/supply over demand.
An amount of something left over when requirements have been met;an excess of production/supply over demand.
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