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Describe three tools used in developing a good cost estimate.
Production Costs
These are the expenses associated with manufacturing a product, including labor, materials, and overhead costs.
Native-born Workers
Individuals born in a particular country working in its labor market, as opposed to foreign-born workers.
Immigration
The process by which individuals move from one country to another, with the intention of settling, permanently or temporarily, in the new country.
Wages
Payments made to workers for their labor, typically calculated on an hourly, daily, or weekly basis.
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