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Transaction costs are qualitatively higher in international markets.
Practical Standards
Standards that allow for normal machine downtime and other work interruptions and that can be attained through reasonable, though highly efficient, efforts by the average worker.
Standard Quantity
This term refers to the amount of input (materials, labor, etc.) that should be used in the production of a unit of goods under normal conditions.
Standard Price
A pre-determined cost allocated to a single unit of product or service, used for budgeting and performance evaluation.
Ideal Standards
Standards that assume peak efficiency at all times.
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