Examlex
The primary difference between M1 and M2 is that:
Labor
Work, especially physical, manual, or non-executive work, done in exchange for payment; also refers to the workforce or workers in general.
Materials
The substances or components used in the production of goods or in the execution of services.
Total Costs
The sum of all expenses incurred in the production of goods or services, including fixed and variable costs.
Variable Costs
Costs that vary directly with the level of production or output, for example, materials and labor costs used in manufacturing.
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