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Implicit Costs
The opportunity costs of utilizing resources owned by the company for its operations instead of other purposes.
Accounting Profit
The financial gain calculated by subtracting total explicit costs from total revenues, excluding the consideration of implicit costs or opportunity costs.
Economic Profit
The gap between a company's total earnings and its combined explicit and implicit expenses.
Total Output
The total quantity of goods or services produced by an economy, firm, or production process within a given period.
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