Please Define the Following Key Terms

question 31

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Anna Karenina

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Definitions:

Output

The amount of goods or services produced by a business, sector, or economy over a specific period.

Explicit Costs

Direct, out-of-pocket payments for costs of production, such as wages, rent, and materials.

Entrepreneur's Potential Earnings

The forecasted income an entrepreneur can expect from their business venture, taking into account risks and opportunities.

Annual Lease

A contract for the rental of property, typically real estate, that lasts for one year.