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Oil Reserves
Quantities of crude oil held underground that have been discovered and are considered recoverable under current economic and operational conditions.
Competitive Equilibrium
A state in a market where the supply of goods matches demand, with no incentive for price change, resulting from the competition among many buyers and sellers.
Factors Of Production
Inputs into the production process (e.g., labor, capital, and materials).
Profit
The financial gain made in a transaction or operation, calculated as the difference between the revenue earned and the costs incurred.
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