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For most of the past 200 years,throughout the world,consensus was built around Big Historical Projects.
Opportunity Costs
The value of the best alternative foregone when a decision is made to pursue a particular action, essentially the cost of choosing one option over another.
Implicit Costs
The opportunity costs of using resources owned by the firm for its own production, instead of earning income elsewhere.
Explicit Costs
Direct, out-of-pocket payments made for the operation of a business, such as wages, rent, and materials.
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