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Describe the importance of internal analysis to the strategic success of the firm. Should not-for-profit organizations perform internal analysis? Why or Why not?
Labor Costs
The total amount of money businesses have to pay to their employees for work done, including wages, salaries, and benefits.
Marginal Cost
The increase in cost resulting from the production of an extra good or service unit.
Total Cost
The sum of all costs associated with the production of a given quantity of output, including both fixed and variable costs.
Output Units
The individual items or quantities of a product that are produced by a company or an economic production process.
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