Glossary

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all the goods that are bought to be used in the production of other goods.

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cost that remains the same over the production process and is not linked to the number of units...

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those costs that do not change such as rent, power, water.

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(also called indirect costs) these do not vary with the amount of production (output) and...

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those factors that cannot be changed in the short term as this takes much time and planning....

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