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Information technology (IT) is the key to the _____ system and is responsible for creating the globalization phenomenon.
Variable Costs
Expenses that fluctuate in direct proportion to changes in production volume or activity levels, including costs like raw materials and direct labor.
Cost Curves
Graphical representations that show how the cost of producing goods changes with changes in the quantity of production.
Profit Maximization
The system by which a business calculates the price and output that lead to the highest earnings.
Marginal Revenue
The extra revenue generated from the sale of an additional unit of a product or service.
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