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A(n) ____ describes how a structure or behavior develops, including the influences of genes, nutrition, experiences, and their interactions.
Implicit Costs
The opportunity costs that arise from using resources that could have been employed in an alternative use, not directly paid in a financial form.
Normal Profit
The minimum profit necessary for a company to remain in business, equal to the opportunity cost of capital and entrepreneurial effort not invested elsewhere.
Entrepreneur's Talent
The unique set of skills, creativity, and determination that an entrepreneur brings to identifying opportunities and building a business.
Implicit Costs
Implicit costs refer to the opportunity costs of using resources that a company already owns, without any direct payment, for its own production purposes.
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