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  2. Profit (economics) - Wikipedia

    en.wikipedia.org/wiki/Profit_(economics)

    Therefore, economic profit is smaller than accounting profit. [3] Normal profit is often viewed in conjunction with economic profit. Normal profits in business refer to a situation where a company generates revenue that is equal to the total costs incurred in its operation, thus allowing it to remain operational in a competitive industry.

  3. Economics terminology that differs from common usage

    en.wikipedia.org/wiki/Economics_terminology_that...

    Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...

  4. Glossary of economics - Wikipedia

    en.wikipedia.org/wiki/Glossary_of_economics

    A sustained, long-term decrease in economic activity in one or more economies. It is a more severe economic downturn than a recession, which is a slowdown in economic activity over the course of a normal business cycle. deregulation The process of removing or reducing economic regulations, or the total repeal of governmental regulation of the ...

  5. Prices of production - Wikipedia

    en.wikipedia.org/wiki/Prices_of_production

    The concept of "average profit" (a general profit rate) suggested that a process of competition and market-balancing had already established a uniform (or ruling average, or normal) profit rate previously; yet, paradoxically, what profit volumes would be (and consequently profit rates) could be established only after sales, by deducting costs ...

  6. Engineering economics - Wikipedia

    en.wikipedia.org/wiki/Engineering_economics

    Since engineering is an important part of the manufacturing sector of the economy, engineering industrial economics is an important part of industrial or business economics. Major topics in engineering industrial economics are: The economics of the management, operation, and growth and profitability of engineering firms; Macro-level engineering ...

  7. Law of value - Wikipedia

    en.wikipedia.org/wiki/Law_of_Value

    That is largely a matter of cost-prices, profit margins and sales turnover. If we find that the distribution of sale-prices for a given type of commodity converges on a particular normal price-level, then, Marx argues, the real reason is, that only at that price-level the commodity can be supplied at an acceptable or normal profit. [citation ...

  8. Economic sociology - Wikipedia

    en.wikipedia.org/wiki/Economic_sociology

    Contemporary economic sociology may include studies of all modern social aspects of economic phenomena; economic sociology may thus be considered a field in the intersection of economics and sociology. Frequent areas of inquiry in contemporary economic sociology include the social consequences of economic exchanges, the social meanings they ...

  9. Break-even point - Wikipedia

    en.wikipedia.org/wiki/Break-even_point

    In layman's terms, after all costs are paid for there is neither profit nor loss. [ 1 ] [ 2 ] In economics specifically, the term has a broader definition; even if there is no net loss or gain, and one has "broken even", opportunity costs have been covered and capital has received the risk-adjusted, expected return.