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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.
Economic appraisal - Appraisal , which seeks to quantify, and where possible calculate the welfare impacts from, the costs and benefits of a project or policy.
problems in traditional economic
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the short run can be defined as any period of time
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