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If you saved to buy a car, you would be using external finance.
Total Cost
The complete sum of all expenses incurred in the production and delivery of goods or services.
Marginal Cost
The additional expense faced by a business when its production volume is increased by a single unit.
Total Variable Cost
The aggregate of costs that vary in relation to the volume of output or activity, such as materials and labor expenses.
Total Fixed Cost
The sum of all costs that do not change with the level of output in the short term.
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