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The Economic Development of the New World Was Only Possible

question 13

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The economic development of the New World was only possible because of


Definitions:

Output

The total amount of goods and services produced by an economy or an individual business over a specific period.

Total Cost

The complete cost of producing a specific quantity of goods or services, including both fixed and variable costs.

Average Cost

This is the total cost of production divided by the number of goods produced, also known as the cost per unit.

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