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How do you calculate economic profit and what factors are considered in determining it?
Economic profit is calculated by subtracting both explicit costs (such as wages and rent) and implicit costs (such as opportunity costs) from total revenue. Factors considered in determining economic profit include production costs, revenue generated, and the value of alternative opportunities foregone.
In economics what is cost?
cost of what you give up to get it
If choosing something means you give up something else what is the economic term for this?
The economic term for the cost of a choice is the opportunity cost.
What economic term for what you lose when using resources for something else?
The economic term for what you lose when using resources for something else is known as opportunity cost.
Which term best describes an economic slowdown?
An economic slowdown is called a recession.
Opportunity cost is?
Opportunity cost is the highest-valued alternative foregone in order to take an economic action.
How do you use the word foregone in a sentence?
We have foregone the chance to meet the Prime Minister to be on television instead. But that is just one.
What is the prefix for go?
semi
How do you calculate economic profit and what factors are considered in determining it?
Economic profit is calculated by subtracting both explicit costs (such as wages and rent) and implicit costs (such as opportunity costs) from total revenue. Factors considered in determining economic profit include production costs, revenue generated, and the value of alternative opportunities foregone.
What is revenue foregone?
Revenue foregone is an adjustment to the rates tariff. It is a rates rebate that is generally available to all ratepayers of a particular category; e.g. residential land use. Therefore the revenue was never there to be collected (the revenue was foregone), and so should not be considered to be revenue in the first instance.
In economics what is cost?
cost of what you give up to get it
If choosing something means you give up something else what is the economic term for this?
The economic term for the cost of a choice is the opportunity cost.
What economic term for what you lose when using resources for something else?
The economic term for what you lose when using resources for something else is known as opportunity cost.
Which term best describes an economic slowdown?
An economic slowdown is called a recession.
Provide a diffinition of the term economic?
provide a definition of the term economics
What does the economic term GDP term mean?
Gross Domestic Product
What does a foregone conclusion mean?
A foregone conclusion refers to an outcome that is anticipated or expected to happen based on the circumstances or evidence available. It suggests that the result is already determined or inevitable before it actually occurs.
