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An international system that requires self-help, ongoing arms races, and uncertainty with regards to the intentions of other states can all contribute to
Entrepreneur's Talent
The unique set of skills, insights, and experiences that an entrepreneur brings to a business venture, often driving its success.
Annual Lease
A contract specifying the terms under which one party agrees to rent property owned by another party for a period of one year.
Normal Profit
The minimum amount of earnings that entrepreneurs must achieve to cover the cost of operating, essentially the breakeven point beyond which a business earns profit.
Implicit Costs
Indirect expenses related to business operations, such as opportunity costs, not directly paid out in cash.
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