In macroeconomic terms, what is a "flow"?
A quantity measured per unit of time, e.g. the amount of water coming out of a faucet.
List three reasons as to why a supply curve would shift.
1. Changes in the price of inputs 2. Technological advancements 3. Change in the number of competitors/producers
What is the journal entry to record a sales transaction?
Debit: Accounts Receivable (or Cash) Debit: Cost of Goods Sold Credit: Sales Credit: Inventory