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Explain tailored and loosely coupled structures.
Normal Rate
A term often used to refer to the standard or commonly accepted rate for a financial or economic measurement, but can vary by context.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision or investment.
Economic Profits
Profits exceeding the opportunity costs of all resources employed, reflecting a return beyond the normal profit level.
Economic Costs
The total value of all the resources used in the production of goods or services, including both explicit and implicit costs.
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