PRIME COST Definition

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PRIME COST is equal to the sum of DIRECT MATERIAL plus DIRECT LABOR.

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CRR see CASH RESERVE RATIO.

BUYERS MARKET is where the quantity of goods for sale exceeds the amount consumers are willing and able to buy at the current market price. It is characterized by low prices. For example, a market condition that occurs in real estate where more homes are for sale than there are interested buyers.

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