Economics
In economics, in situ is used when referring to the in place storage of a product, usually a natural resource. More generally, it refers to any situation where there is no out-of-pocket cost to store the product so that the only storage cost is the opportunity cost of waiting longer to get your money when the product is eventually sold. Examples of in situ storage would be oil and gas wells, all types of mineral and gem mines, stone quarries, timber that has reached an age where it could be harvested, and agricultural products that do not need a physical storage facility such as hay.
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Famous quotes containing the word economics:
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