Examlex
What is the ceteris paribus condition?
Implicit Costs
Implicit costs are the opportunity costs associated with a company's use of internal resources that could have been utilized elsewhere, not directly paid out in cash.
Economic Costs
The total cost of choosing one action over another, including both explicit costs (direct outlays) and implicit costs (opportunity costs).
Entrepreneur's Talent
The unique set of skills, knowledge, and intuition that an entrepreneur possesses, enabling them to identify, evaluate, and exploit business opportunities.
Annual Lease
A contract that allows for the rental of a property for a period of one year.
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