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An advance in technology shifts the production function upward and shifts the labor
Work in Process
Goods that are under production but not yet finalized.
Raw Materials Transactions
Financial exchanges involved in purchasing the basic substances used in production processes.
Manufacturing Overhead
All indirect costs associated with manufacturing, including utilities, rent for the manufacturing facilities, and salaries of non-direct employees.
Raw Materials Transactions
Financial and operational activities related to the acquisition and use of raw materials in the production process.
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