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Which of the following represents the highest pressure to the lowest?
Kitchen Equipment
Tools and appliances used in a kitchen for the preparation and cooking of food.
Implicit and Explicit Costs
Implicit costs are indirect, non-monetary expenses related to the use of resources owned by the business, while explicit costs are direct, monetary payments for resources not owned by the firm.
Accounting Profit
The financial gain calculated by subtracting total explicit costs from total revenue, representing the net income reported on a company's financial statements.
Explicit Costs
Direct, out-of-pocket payments for expenses incurred in conducting business, such as rent, salaries, and materials.
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