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[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]What is Allocative Efficiency?Definition: Allocative efficiency is a term used in economics that refers to a situation where the available resources are used in a manner that produces the greatest level of benefit.What does Allocative Efficiency mean?To understand the...

What is Audit Risk? Definition: Whenever an auditor provides a report about a company’s financial statements, there is a risk that the auditor's opinion is erroneous. This is referred to as audit risk. An incorrect or faulty opinion could mislead investors and regulatory authorities. The auditor must...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]What is Average Fixed Cost?Definition: Average fixed costs can be calculated by dividing total fixed costs by the number of units produced. As production volumes rise, average fixed costs fall.What does Average Fixed Cost mean?The total cost of production...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]What is Average Variable Cost?Definition: Average variable cost refers to the total variable cost divided by the number of units that are produced. Variable costs rise with the level of output. The average variable cost of a production batch...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]What is Balance of Trade?Definition: The balance of trade is the difference between the value of country’s exports and its imports. If exports exceed imports, the balance of trade is said to be favorable. Conversely, if a nation imports...