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The _____ was adopted on July 4, 1776 and most of the document was written by Thomas Jefferson.
Explicit Costs
Direct payments made to others in the course of running a business, such as wages, rent, and materials.
Implicit Costs
The opportunity costs of using resources that a business already owns, representing the potential income lost in employing them in a specific task.
Forgone Income
Income not earned due to choosing an alternative action, such as studying full-time instead of working.
Total Costs
The total of all costs associated with the creation of goods or services, which encompasses both constant and fluctuating expenses.
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