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In addition to the demographic trends discussed inChapter 1, discuss one other demographic trend in the Western world and how that trend will influence consumer behaviour.
Unit Variable Cost
The cost associated with producing one additional unit of product, including materials, labor, and other variable costs.
Fixed Costs
Overheads like rent, salaries, and insurance that stay the same, irrespective of how much is produced or sold.
Break-Even
The point at which total costs equal total revenues, resulting in no net loss or gain for a business.
Variable Cost
Costs that vary directly with the level of production or volume of output.
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