DIRECT MATERIAL Definition

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DIRECT MATERIAL is the cost of raw materials and components that can easily and economically be identified either with individual units of production or with a responsibility center.

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INDIFFERENCE POINT is that point on the indifference curve where the compared values intersect. See INDIFFERENCE CURVE.

OMITTED is to leave undone or leave out, i.e. to prevent from being included or considered or accepted.

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