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Distinction Between Cost and Expenditure
As has already been defined, cost is the money equivalent of material and human resources needed to produce a good or a service. Expenditure is the money equivalent of resources needed to access a good or service. Accessing a good or a service implies that one has to pay
(i) The cost of producing it
(ii) The profits expected by the producer as determined by market conditions for the same
(iii) The time and efforts required to purchase it.
There are different reasons for state trading. Important reasons are given below. (i) State may directly buy the goods required by the various government departments and agencie
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why men and womens indifference curves are different
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