Examlex
The viscosity of magma is lowered by __________.
Explicit Costs
Direct, out-of-pocket expenses incurred in the operation of a business, such as wages, rent, and materials.
Implicit Cost
The opportunity cost equal to what a firm must give up in order to use resources it already owns, without having to pay rent or purchase them.
Capital
Economic resource that is used in the production of goods and services. It includes tools, buildings, machinery, and equipment.
Either-Or Decision
A decision-making process that involves choosing between two mutually exclusive options or paths.
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