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| normal profit definitions | |||
|---|---|---|---|
| # | Definition | Sets | |
| 1 | the minimum acceptable profit for owners of the business | 3 sets | |
| 2 | the opportunity cost of the resources supplied by the firm's owners; normal profit= accounting profit - economic profit | 3 sets | |
| 3 | where total economic costs equal total revenue, also break even point | 2 sets | |
| 4 | the accounting profit that corresponds to a zero economic profit | 2 sets | |
| 5 | the minimum acceptable profit for keeping the firm in business | 2 sets | |
| 6 | the opportunity cost of the resources supplied by the firm's owners | 2 sets | |
| 7 | profit necessary to recover implicit costs and keep a business in operation considered to be an economic costs of production | 1 set | |
| 8 | cost of entrepreneur contributions | 1 set | |
| 9 | the amount the owners of business would have received in the next-best alternative. | 1 set | |
| 10 | the payment made by a firm to obtain and retain entrepreneurial ability; the minimum income entrepreneurial ability must receive to induce it to perform entrepreneurial functions for the firm. | 1 set | |
| 11 | the level of profit that business owners could get in their next best alternative investment | 1 set | |
| 12 | a payment that must be made by a firm to obtain and retain entrepreneurial ability | 1 set | |
| 13 | opportunity cost of owners' entrepreneuship expertise. it represents what owners could have earned if they used their organizational decision-making and other entrepreeurial skills is another activity such as running another business. | 1 set | |
| 14 | the payment made by a firm to obtain and retain entrepreneurial ability; minimum income entrepreneurial ability must recieve to induce it to perform functions for a firm. | 1 set | |
| 15 | the amount the owners of business would have received in the next-best alternative | 1 set | |
| 16 | opportunity cost of the resources supplied by the firm's owners; normal profit=accounting profit-economic profit. | 1 set | |
| 17 | the minimum accounting profit necessary to keep the firm operating in it current undertaking (is an implicit cost and is included as a cost when calculating profit) | 1 set | |
| 18 | payment made by a firm to obtain and retain entrepreneurial ability | 1 set | |
| 19 | cost of doing business, the opportunity cost of the resources supplied by the firm's owners; normal profit= accounting profit - economic profit | 1 set | |
| 20 | the payment made by a firm to maintain business. portion of accounting profit that covers implicit costs. | 1 set | |
| 21 | the return to entrepreneurship normal profit is a part of the firms opportunity cost because it is not the cost of not running another firm | 1 set | |
| 22 | the amount necessary for the firm to be willing to keep the resources deployed in the firm, it is also where the firm's economic profit equals zero | 1 set | |
| 23 | the cost of doing business | 1 set | |
| 24 | the opportunity cost of the entrepreneur's talents. another way of saying the firm is earning zero economic profit | 1 set | |
| 25 | opportunity cost of resources supplied by owners of the firm--includes the opportunity cost of their time | 1 set | |
| 26 | minimum acceptable profit for owners | 1 set | |
| 27 | accounting profit - economic profit | 1 set | |
| 28 | the payment made by a firm to obtain and retain entrepreneurial ability; the minimum income entrepreneurial ability must receive to induce it to perform entrepreneurial functions for a firm | 1 set | |
| 29 | the opportunity cost of the resources supplied by the firm's owners; accountin profit-economic profit | 1 set | |
| 30 | payment for (cost of) entrepreneurs contributions | 1 set | |
| 31 | profit that the firm could make by using its resources in their next best use (opportunity cost) | 1 set | |
| 32 | enough profit to keep the business going (not too much or too little) | 1 set | |
| 33 | entrepreneurial ability | 1 set | |
| 34 | the profit is just enough to keep owners and investors in the industry | 1 set | |
| 35 | p = lrmc | 1 set | |
| 36 | revenue = owner's opportunity cost | 1 set | |
| 37 | the implicit cost of entrepreneurial talent; how much you would have to make in order to start your own business; included in atc | 1 set | |
| 38 | where total revenue is equal to total economic costs. this is a level of profit which is just sufficient to keep the firm in the industry in the long run | 1 set | |
| 39 | the accounting profit earned when all resources earn their opportunity cost | 1 set | |
| 40 | the cost of entrepreneurial talent; must make this much in economic profit to stay in the business; the cost of doing business | 1 set | |