Examlex
Indigenous technical knowledge evolves through a process of trial and error over generations.
User Cost
The opportunity cost of using a durable good, which includes depreciation and the foregone interest on the funds tied up in owning the good.
Market Rate
The prevailing price or interest rate for goods, services, or securities in a competitive marketplace.
User Cost
The cost of using a good or service, which includes the opportunity cost of not using the asset in an alternative use.
Opportunity Cost
The cost of choosing one option over another, typically represented by the benefits that could have been gained by choosing the alternative.
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