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Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Treaty of New York
Economic Profit
Economic profit is the surplus that remains when total revenue exceeds the total costs, including both explicit and implicit costs.
Explicit Costs
Direct payments made to others in the course of running a business, such as wages, rent, and materials.
Total Revenues
The overall amount of money generated by a business from its sales or services before any costs or expenses are deducted.
Normal Rate
The standard or average rate at which something occurs, such as interest rates, inflation, or unemployment rates.
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