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Give a short concise definition for the following terms and explain their relationship to the study of economics.
a.marginal physical product
b.marginal revenue product
c.law of diminishing returnsdeconomies of scale
Balance Sheet
A report that provides an overview of a business's financial position, including what it owns (assets), owes (liabilities), and the value that remains for the shareholders (equity) at a particular moment.
Current Liabilities
Current liabilities are a company's debts or obligations that are due within one year.
Free Cash Flow
A financial metric that represents the amount of cash generated by a company after accounting for capital expenditures, essential for evaluating its liquidity, flexibility, and overall financial health.
Net Income
The total earnings of a company after subtracting all expenses, including taxes and operating expenses, from its total revenues.
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