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What is Meant by Cost in Economics? - CBSE (Arts) Class 12 - Economics

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Question

What is meant by cost in economics?

Solution

Cost of production is the expenditure incurred by a firm on the factor inputs such as land, labour, capital and entrepreneur and non-factor inputs such as raw materials for the production of a good.

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Solution What is Meant by Cost in Economics? Concept: Basic Concepts of Cost.
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