Examlex
A ____________________ is the smallest particle of a substance that has the properties of that substance.
Implicit Costs
The opportunity costs of using resources that a company already owns, not directly paid for with cash.
Accounting Profit
The total revenue of a business minus the explicit costs, representing the financial gain in accounting terms.
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, representing the additional return over the investor's opportunity cost.
Implicit Costs
The opportunity costs of using resources owned by the firm for its own production instead of earning revenue from these resources elsewhere.
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