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Output
Output is the total amount of goods and services produced by an economy or business over a set period, quantifying productivity and economic activity.
Short Run
A period in economics where at least one input (e.g., capital) is fixed, focusing on immediate effects rather than long-term outcomes.
Resources
A broad term for the assets, materials, and inputs used to produce goods and services, including natural, human, and capital resources.
Variable Cost
A cost that changes in proportion to the level of activity or volume of output in a business.
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