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How did the image of the pharaoh change from the Archaic Period to the Middle Kingdom?
Opportunity Costs
The potential benefits an individual, investor, or business misses out on when choosing one alternative over another.
Accounting Profit
The difference between total revenue and explicit costs, indicating the financial gain recorded in the books of accounts.
Entrepreneurial Talent
The unique set of skills, creativity, innovation, and risk-taking abilities that entrepreneurs possess to start and manage businesses.
Implicit Costs
Non-out-of-pocket costs, often opportunity costs, that represent the lost opportunity to use resources in an alternative way.
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