4. (Economics) economics a. the income or reward accruing to a successful entrepreneur and held to be the motivating factor of all economic activity in a capitalist economy b. (as modifier): the profit motive. 5. a gain, benefit, or advantage vb to gain or cause to gain profit [C14...
What is the Economic Profit Definition? Economic Profit Formula Advantages and Disadvantages of Economic Profit Lesson Summary Frequently Asked Questions What is meant by economic profit? When a person needs to choose between two or more financial options, they can use the economic profit formula to...
in aggregate terms, a source of income and thus included as part ofNATIONAL INCOME. See alsoPROFIT MAXIMIZATION,NORMAL PROFIT,ABOVE-NORMAL PROFIT,RISK AND UNCERTAINTY,NATIONAL INCOME ACCOUNTS. Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005 ...
- In economics, the profit motive is the motivation of firms that operate so as to maximize their profits. Mainstream microeconomic theory posits that the...- Therefore, economic profit is smaller than accounting profit. Normal profit is often viewed in conjunction with economic profit. Normal ...
经济学economicsdefinitionmarginalcurrency定义 经济学定义(Definitionofeconomics) Grossdomesticproduct(GDP)referstothesumofthemarket valueofallthefinalproducts(goodsandservices)produced byacountryoracertainregionwithinacertaintime. Grossnationalproduct(GNP)referstothevalueofthefinal productproducedbythetotalproductionfa...
“Economics is an inquiry into the nature and causes of the wealth of nations.”— Adam Smith “Economics is the study of mankind in the ordinary business of life. It examines that part of the individual and social activities that are closely related to the attainment of material resources, ...
Profit Motive and Economics The profit motive is what drives price setting, guiding firms to establish prices that maximize their revenue while considering cost structures. Economically, the primary goal of a firm is to achieve profit maximization. This usually happens when the difference between total...
2.likely to bring a profit.an economic rent.rentable economical(iːkəˈnomikəl)adjective thrifty; not extravagant.This car is very economical on petrol.económico,ahorrador ˌecoˈnomicallyadverb económicamente economics(iːkəˈnomiks)noun singular ...
Define economics. Explain Say's law in terms of the context of a barter economy. In the context of Economics, define the following term: Cost Center. In business and economics, define the term ~'contract~'. Define the term "fiscal profit" as applied and used in economics. ...
On a more aggregate level, a boom is indicated by increasing output and income, employment, prices, profit, and interest rates. Economic observers break aggregate U.S. data down state by state in order to see the amount that each state contributes to variables such as real GDP per capita ...