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Capitalism. In economics, profit is the difference between revenue that an economic entity has received from its outputs and total costs of its inputs, also known as surplus value. [ 1] It is equal to total revenue minus total cost, including both explicit and implicit costs. [ 2]
Business portal. Money portal. v. t. e. Economics ( / ˌɛkəˈnɒmɪks, ˌiːkə -/) [ 1][ 2] is a social science that studies the production, distribution, and consumption of goods and services. [ 3][ 4] Economics focuses on the behaviour and interactions of economic agents and how economies work.
The title of this work means "household management" and is derived from the Greek word, οἶκος, oikos, meaning "house/household". The term includes household finance as it is commonly known today and also defines the roles members of the household should have. In a broad sense the household is the beginning to economics as a whole.
Capitalism. Classical economics, classical political economy, or Smithian economics is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid-19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill.
In Marxian economics, surplus value is the difference between the amount raised through a sale of a product and the amount it cost to manufacture it: i.e. the amount raised through sale of the product minus the cost of the materials, plant and labour power. The concept originated in Ricardian socialism, with the term "surplus value" itself ...
Opportunity cost is the concept of ensuring efficient use of scarce resources, [ 25] a concept that is central to health economics. The massive increase in the need for intensive care has largely limited and exacerbated the department's ability to address routine health problems.
Supply chain as connected supply and demand curves. In microeconomics, supply and demand is an economic model of price determination in a market. It postulates that, holding all else equal, the unit price for a particular good or other traded item in a perfectly competitive market, will vary until it settles at the market-clearing price, where ...
In economics, the profit motive is the motivation of firms that operate so as to maximize their profits.Mainstream microeconomic theory posits that the ultimate goal of a business is "to make money" - not in the sense of increasing the firm's stock of means of payment (which is usually kept to a necessary minimum because means of payment incur costs, i.e. interest or foregone yields), but in ...