These occur when doubling all of the inputs to a production process less than doubles the output. Also known as: […]

The risk that credit given as loans will not be repaid.

A cost that has been recorded in the accounting records and reported on the balance sheet as an asset until […]

Often a liability representing the differences between the income tax expense associated with the revenues and expenses reported on a […]

A balance sheet liability account that reports amounts received in advance of being earned. For example, if a company receives […]

A decrease in the general price level. See also: inflation.

Delegation is when managers use their authority to assign responsibility to others in their workplace, such as their direct reports […]

The curve that gives the quantity consumers will buy at each possible price.

An unexpected change in aggregate demand, such as a rise or fall in autonomous consumption, investment, or exports. See also: […]

The side of a market on which those participating are offering money in return for some other good or service […]