ABEKA ECONOMICS Appendix Quiz F
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total value of a business minus any liabilities
equity
excess of the total revenue paid by buyers for goods over the seller's total expense of producing those goods
profit
urge to work to better one's economic situation
profit motive
t/f: depreciation is the diminishing value of goods that is caused by wear and time
true
t/f: opportunity cost is the value of the best alternative that is foregone when a different alternative is taken
true
