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What effect did the Industrial Revolution and the golden age of invention have on the development of American business?
Direct Materials
Fundamental materials directly identifiable in the creation of a product.
Direct Labor
The labor costs directly tied to the production of goods or the performance of services.
Overhead Cost
Overhead cost refers to ongoing business expenses not directly linked to creating a product or service, such as rent, utilities, and administrative costs.
Actual Overhead
The total real costs incurred for indirect materials, labor, and other expenses to operate a business, not directly tied to specific products or services.
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