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In the simple circular-flow diagram, who are the decision makers?
Out-of-Pocket Expenses
Direct payments made by individuals for goods or services without third-party assistance, such as insurance.
Producer Surplus
The difference between the amount a producer is willing to accept for a good or service and the actual amount received, reflecting the benefit to producers.
Supply Curve
A diagram indicating the correlation between the cost of a product and the volume of its supply.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision or choosing to invest in one option over another.
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