Examlex
The market demand is the average of all of the individual demands for a particular good or service.
Actual Costs
The expenses that a company has truly incurred as opposed to estimated or budgeted amounts.
Standard Costs
Predetermined costs for products or services, used as a benchmark to measure actual performance and manage budgets.
Direct Materials
Raw materials that can be directly attributed to the production of specific goods or products, unlike indirect materials which cannot be directly linked to production.
Price Variance
The difference between the actual price paid for a good or service and its expected (budgeted) price.
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