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The temperature at the bottom of Lake Tahoe,high in the Sierra Nevada Mountains in California,at this moment is
Economic Profit
The difference between total revenue and the total costs, including both explicit and implicit costs, unlike accounting profit which only considers explicit costs.
Explicit Costs
Direct financial payments made to acquire resources or services for business operations.
Total Economic Costs
The sum of explicit and implicit costs representing the total resources expended in the production of goods or services.
Entrepreneur's Talent
The unique set of skills, creativity, and vision that an entrepreneur brings to identifying and exploiting new business opportunities.
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