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The absolute refractory period occurs because
Accounting Profit
The difference between total revenue and explicit costs of a business.
Economic Profit
The profit a company makes after deducting both explicit and implicit costs, reflecting the total opportunity costs of its resources.
Implicit Costs
The opportunity costs of using resources that are owned by the firm or entrepreneur for one purpose instead of another, not directly paid out in cash.
Entrepreneur's Talent
is the unique skill set, creativity, and capacity to innovate and take risks that an entrepreneur brings to the economic table, instrumental in starting and growing businesses.
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