Direct Labor Costs Plus Direct Materials Costs

question 47

Short Answer

Direct labor costs plus direct materials costs

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Definitions:

Unemployment

The situation where individuals who are willing and able to work are unable to find employment.

Capital

Financial assets or the financial value of assets, such as cash and goods, used by a business to generate wealth through investment or production.

Natural Resources

Materials or substances that occur in nature and can be used for economic gain, such as minerals, forests, water, and fertile land.

Opportunity Cost

Missing potential improvements from other opportunities when a particular alternative is chosen.