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Economic Cost
A payment that must be made to obtain and retain the services of a resource; the income a firm must provide to a resource supplier to attract the resource away from an alternative use; equal to the quantity of other products that cannot be produced when resources are instead used to make a particular product.
Contractual Obligation
A legal requirement that a party must adhere to as stipulated in a contract, enforceable by law.
Money Expenditures
The total amount of money spent by individuals, firms, or governments on goods and services within a specific period.
Implicit Costs
The opportunity costs that arise from using resources that could have been employed in an alternative use, not directly paid in a financial form.
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