ECONOMIC PROFITS Definition

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ECONOMIC PROFITS is the difference between the total revenue and the total opportunity costs.

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INCOME THEORIES try to identify the real profit of an organization. The difficulty here is that you need to define whose income you are measuring, and that limiting income measurements to things that can be given a price devalues goods and services that are difficult or impossible to price.

INCORPORATION is a legal process through which a company receives a charter and the state in which it is based allows it to operate as a corporation.

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