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For each historical identification question, define the term and briefly describe its historical significance.
"God, glory, and gold"
Incremental Cost
The additional cost associated with producing one more unit of a product or service.
Additional Unit
The next unit of product or service to be produced beyond the current production level, often considered in the context of marginal cost analysis.
Average Cost
The cost per unit of output, typically calculated by dividing total costs by the total quantity produced; synonymous with average total cost.
Production
The process of creating, growing, manufacturing, or improving goods and services.
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