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Environmental laws are an example of how individual property rights have increased since the 1930s.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision.
Accounting Profit
The total revenue of a business minus the explicit costs and depreciation, calculated using standard accounting practices.
Annual Revenue
The total income generated by a company or an organization from its operations, calculated on a yearly basis.
Normal Profit
The level of profit necessary for a company to remain competitive in the market, essentially breaking even when accounting for both explicit and implicit costs.
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