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Opportunity Cost
Forgoing possible gains from various alternatives by picking a specific one.
Personal Savings
The portion of an individual's income that is not spent on consumption and is saved for future expenses, investments, or emergencies.
Explicit Cost
Direct, out-of-pocket payments for the purchase of inputs or resources for business operations.
Marginal Product
The additional output resulting from using one more unit of a given input, holding all other inputs constant.
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