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Dan and Steven are considering getting their 4-year-old son a computer.Which of the following statements can you share with them to best help them understand the value of computers in early childhood?
Variable Costs
Costs that vary directly with the level of production output, such as raw materials and direct labor expenses.
Relevant Costs
Relevant costs are those that will be affected by a decision in a specific situation and are considered when making financial or other managerial decisions.
Fixed Costs
Costs that do not change with the level of goods or services produced within a certain scale.
Product
Any item or service that is created through a process and is intended to be supplied to a market to satisfy a want or need.
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