In What Type of Situation Must an Attachment Be Submitted

question 43

Essay

In what type of situation must an attachment be submitted with a claim?

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Definitions:

Economic Profits

The excess of total revenues over the total costs (including both explicit and implicit costs) of a business.

Entrepreneurial Talent

The unique set of abilities, creativity and initiative needed to identify market opportunities and create new businesses.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own production instead of earning revenue from these resources elsewhere.

Implicit Cost

The opportunity cost equal to what a firm must give up in order to use resources that it already owns, without directly paying for them.