Examlex
An external locus of control is the belief that you are not accountable for your own situation; the responsibility lies with others.
Efficient Level
The point at which a system operates at maximum productivity with minimum waste and expense.
Marginal Cost
The additional cost incurred in producing one more unit of a good or service.
Willingness to Pay
The maximum amount an individual is prepared to spend for a good or service, reflecting the value they derive from it.
Opportunity Cost
The cost of foregoing the next best alternative when making a decision or choosing to allocate resources in a certain way.
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