Opportunity cost is commonly defined as the next best alternative. Also, known as the alternative cost, it is the loss of gain which could have been gained if another alternative was chosen. It can also be explained as the loss of benefit due to a ch
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profit
a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
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costs
require the payment of (a specified sum of money) before it can be acquired or done.
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economy of scale
a proportionate saving in costs gained by an increased level of production.
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partnership
an association of two or more people as partners.
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Other cards in this set
Card 2
Front
a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
Back
profit
Card 3
Front
require the payment of (a specified sum of money) before it can be acquired or done.
Back
Card 4
Front
a proportionate saving in costs gained by an increased level of production.
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