Shalonda and Bridgette Are Neighbors

question 32

True/False

Shalonda and Bridgette are neighbors. They run into each other when they walk their dogs, exchange small talk, but don't really self-disclose with each other. This is an example of a friendship of receptivity.

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Definitions:

Implicit Costs

The opportunity costs of using resources that are owned by the firm or entrepreneur for one purpose instead of another, not directly paid out in cash.

Entrepreneur's Talent

is the unique skill set, creativity, and capacity to innovate and take risks that an entrepreneur brings to the economic table, instrumental in starting and growing businesses.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial gain exceeding the opportunity costs of resources.

Implicit Costs

Non-direct payments or out-of-pocket costs, representing the opportunity costs of using resources owned by the firm for its own use.