Examlex
Which of the following terms belong together?
Opportunity Costs
Opportunity costs represent the benefits a person, investor, or business misses out on when choosing one alternative over another.
Variable Cost
Costs that vary directly with the level of production or output, such as raw materials and direct labor expenses.
Decision Making
The cognitive process of selecting a course of action from among multiple alternatives.
Product Costs
The costs directly associated with producing goods, including direct materials, direct labor, and manufacturing overhead.
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