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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.
In economics, abnormal profit, also called excess profit, supernormal profit or pure profit, is "profit of a firm over and above what provides its owners with a normal (market equilibrium) return to capital." [1] Normal profit (return) in turn is defined as opportunity cost of the owner's resources.
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In economics and finance, the profit rate is the relative profitability of an investment project, a capitalist enterprise or a whole capitalist economy. It is similar to the concept of rate of return on investment .
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A good's Engel curve reflects its income elasticity and indicates whether the good is an inferior, normal, or luxury good. Empirical Engel curves are close to linear for some goods, and highly nonlinear for others. For normal goods, the Engel curve has a positive gradient. That is, as income increases, the quantity demanded increases.
Print/export Download as PDF; Printable version; In other projects ... Pages in category "Profit" The following 42 pages are in this category, out of 42 total. ...
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