Examlex
Use a calculator to give the real number value. Round the answer to 7 decimal places.
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Inputs
Resources used in the production process, including labor, capital, and materials.
Outputs
Goods and services of value to households.
Explicit Costs
Payments made directly to external parties as part of business operations, including salaries, rental fees, and the cost of goods.
Implicit Costs
are indirect expenses that do not involve a direct payment of money but represent a loss of opportunity to use resources elsewhere.
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