CHAPTER 10
Economics and Financial Management
Yet no matter how highly we may value them, art and culture are produced by individuals and institutions working within the general economy, and therefore cannot escape the constraints of the material world.
James Heilbrun and Charles M. Gray, The Economics of Art and Culture
KEY WORDS
Productivity
Inflation
Market and Market Failure
Multiplier effect
TFC, TVC, AFC, AVC, TC, VC, FC
Law of diminishing returns
Economies of Scale
Law of demand
Demand determinants
Law of supply
Supply determinants
Elasticity, Demand elasticity, Supply elasticity
Scaling the house
Income effect
CFO
FMIS
FASB, GAAP
Cash-Based accounting
Accrual-Based accounting
Unrestricted net assets, Temporarily restricted net assets, ...
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