Goods that are in limited supply in relation to demand are called economic goods, whereas those whose supply is unlimited and that require neither payment nor effort to acquire, (such as air) are called free goods.

Important Bookkeeping Terms

Important Bookkeeping Terms: Before attempting to learn the art or science of bookkeeping it will be better to clarify some of the terms that will have to be used again and again. Transaction: Any dealing between two persons or things in a transaction. It