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Using the rule of thumb for elevations and the information provided by the image, what may be said of the actual differences in elevation and crust thickness between Phoenix and Flagstaff Elevation Phoenix: 300 m, Flagstaff: 2100 m) ?
Entrepreneur's Forgone Interest
The potential interest income an entrepreneur sacrifices by investing their own money into their business instead of depositing it for interest.
Implicit Costs
Non-monetary opportunity costs that are not directly incurred as a result of performing business activities.
Entrepreneur's Potential Earnings
The forecasted income an entrepreneur expects to earn from a business venture, taking into account both risks and opportunities.
Annual Lease
A contract or agreement that outlines the terms under which one party agrees to rent property from another party for a period of one year.
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