
KC3 Vocab
Flashcard
•
Social Studies
•
12th Grade
•
Hard
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25 questions
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1.
FLASHCARD QUESTION
Front
Accounting Profit
Back
A business's revenue minus the explicit cost and depreciation.
2.
FLASHCARD QUESTION
Front
Economic Profit
Back
A business's revenue minus the opportunity cost of resources; usually less than the accounting profit.
3.
FLASHCARD QUESTION
Front
Explicit Cost
Back
A cost that involves actually laying out money.
4.
FLASHCARD QUESTION
Front
Implicit Cost
Back
A cost that does not require the outlay of money; it is measured by the value, in dollar terms, of forgone benefits.
5.
FLASHCARD QUESTION
Front
Marginal Cost
Back
The additional cost incurred by producing one more unit of a good or service.
6.
FLASHCARD QUESTION
Front
Marginal Benefit
Back
The additional benefit derived from producing one more unit of a good or service.
7.
FLASHCARD QUESTION
Front
Principle of Marginal Analysis
Back
The proposition that the optimal quantity is the quantity at which marginal benefit is equal to marginal cost.
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