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Which of the following is NOT included in M1?
Average Earnings
The amount of money an individual, sector, or nation makes on average over a specific period, typically calculated as total earnings divided by the number of earners.
Implicit Cost
The opportunity cost associated with a firm's use of resources that it already owns, representing the income the firm foregoes by using these resources in its current way instead of other ways.
Property Taxes
Taxes levied on property owned by individuals or businesses, calculated based on the property's value.
Transportation Costs
Expenses incurred in moving goods or services from one location to another, which can include freight, shipping, and logistics costs.
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