Business and Economics Glossary

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Agricultural Economics

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The study of producing, distributing, and consuming agricultural goods and services.

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Assets

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Resources owned by a business that have economic value.

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Balance Sheet

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A financial statement showing a company's assets, liabilities, and equity at a specific point in time.

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Capital Gains

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Profit from the sale of assets or investments.

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Cash Flow

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The total amount of money being transferred into and out of a business, especially affecting liquidity.

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Corporation

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A business entity that is legally separate from its owners, providing limited liability.

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Current Assets

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Assets that are expected to be converted into cash or consumed within one year.

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Depreciation

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The reduction in value of an asset over time, used for accounting and tax purposes.

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Estate Plan

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A strategy for managing an individual's asset base in the event of their incapacitation or death.

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Equity

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The value of an owner's interest in a property or business, after liabilities are deducted.