Examlex
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Real Opportunity Cost
The value of the best alternative forgone as a result of making a particular choice, expressed in terms of real goods and services.
Producing Product
The process of creating goods or services that are offered in the market for consumption or use.
Resources
Assets or inputs used to produce goods and services.
Economic Profit
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, indicating the financial gain in excess of opportunity costs.
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