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What events may push a species to extinction?
Average Product
The average output produced per unit of a factor of production over a specific period, often calculated for labor or capital.
Input
The resources used in the production process, such as labor, materials, and machinery.
Explicit Costs
These are direct payments made to others in the course of running a business, such as wages, rent, and materials.
Implicit Costs
Costs that represent potential benefits foregone when resources are not utilized in their next-best alternative use.
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