1Accounting/Economics
the study of particular markets and sections of the economy
What's microeconomics?
given to customers for paying their debts promptly
What's cash discount?
the sum of all individual demand for a particular product
What's market demand?
small document that a person depositing money fills in with the date and amount of money being paid
What's paying-in-slip?
the commercialisation of new ideas and products as an essential source of poductivity
What's innovation?
a record in ledgers, used to collect and store debit and credit amount
What's account?
refers to the willingness and the ability of customers to pay a given price to buy a good or service
What's demand?
inverse relationship between the price of good or service and the quantity demand of the products
What's law of demand?
in demand mean a fall in the quantity demanded for a product following an increase in its price
What's contraction?
products that are jointly demanded e.g. tennis balls and tennis racquets
What's complements?
the study of economic behaviour and decision making in the whole economy
What's macroeconomics?
a copy of an invoice retained by a seller when a credit sale is made
What's sale invoice?
when fund are transferred from one bank account to another by electronic mean
What's bank transfer?
what suppliers usually send a monthly statement of account to their customers
What's statement of account?
a document issued by a customer to a suppliers
What's debit notes?
an account of a person or business
What's personal account?
the goals or target of an organisation such as business survival, social welfare, growth and profit maximisation
What's objectives?
the abilityand willingness of firms to provide goods or services at given price levels
What's supply?
is an expense paid in advance
What's prepaid income?
refers to the system of relying on the market forces of demand and supply to allocating resources
What's price mechanism?
refers to the method of allocating scarce resources through the market force of demand and supply
What's market system?
issued by a supplier to a customer acknowledging the receipt of goods returned
What's credit notes?
enables a business to order its bank to pay a certain set amount of money
What's standing orders?
not a factor of production
What's money?
is the invoice received by a customers for a credit purchases made
What's purchases invoice?