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Despite possessing an overseas empire and significant capital,what country did not seriously participate in industrialization until the end of the nineteenth century?
Opportunity Cost
The value of the best alternative that is foregone by choosing a particular action or decision, important in evaluating the cost of choices.
Alternative
An option among a set of choices in decision-making scenarios.
Total Costs
The sum of all expenses incurred by a business in producing goods or services, including fixed and variable costs.
Prime Cost
Direct materials cost plus direct labor cost.
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