Instructions: _∙ Identify Each Item. Give an Explanation or Description of of the Item

question 85

Essay

Instructions:
_∙ Identify each item. Give an explanation or description of the item. Answer the questions who, what, where, and when.
Explain the historical significance of each item. Establish the historical context in which the
_∙ item exists. Establish the item as the result of or as the cause of other factors existing in the society under study. Answer this question: What were the political, social, economic,
and/or cultural consequences of this item?
-Moses Austin and Stephen Austin

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Definitions:

Explicit Costs

Direct, out-of-pocket payments for expenses incurred in conducting business, such as wages, rent, and materials.

Implicit Costs

The opportunity costs that are not directly paid for or incurred in transactions but represent real costs to a business.

Implicit Costs

refer to the opportunity costs that occur when a company uses internal resources that could have been used for another purpose but do not directly affect cash flow.

Entrepreneurial Talent

The specific skills, creativity, and innovation that individuals bring to starting and managing new ventures or businesses.