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Electrons gain energy as they move through the electron transport chain.
Accounting Costs
The explicit costs of a business, representing the actual outflows of cash for wages, rent, materials, and other tangible inputs.
Economic Costs
The total cost of choosing one action over another, including both explicit (direct monetary costs) and implicit (opportunity costs) factors.
Long-Run Equilibrium
A state in a market where all resources are optimally allocated and economic forces are balanced, with no tendency for change until external conditions change.
Perfect Competition
A market structure characterized by many sellers and buyers, homogeneous products, and free entry and exit, resulting in price takers.
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