A Long Period of Real Time Is Represented by a Short

question 58

Short Answer

A long period of real time is represented by a short period of ________.

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Definitions:

Explicit Cost

Direct payment made to others in the course of running a business, such as wages, rent, and materials.

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.