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What is the difference between a prospective and a retrospective audit?
Money Expenditures
The total amount of money spent by individuals, firms, or governments on goods and services within a specific period.
Implicit Costs
The opportunity costs that arise from using resources that could have been employed in an alternative use, not directly paid in a financial form.
Normal Profit
The minimum profit necessary for a company to remain in business, equal to the opportunity cost of capital and entrepreneurial effort not invested elsewhere.
Entrepreneur's Talent
The unique set of skills, creativity, and determination that an entrepreneur brings to identifying opportunities and building a business.
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