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Growth in GDP systematically understates the growth in national well-being because
Indirect Costs
Indirect costs are expenses that are not directly tied to a specific project, product, or activity, often including overhead costs like administration, facilities, and security.
Cost Object
An item for which costs are compiled or measured, such as a product, service, or department.
Customer Orientation
A business approach that prioritizes identifying and meeting the needs and expectations of customers.
Production System
A system involved in the creation of products or services, entailing everything from raw materials to the final output.
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