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7 Cards in this Set
- Front
- Back
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equity
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ownership: funds investors or owners put into a firm
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economic profit
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profit that takes opportunity costs into account
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accounting profit
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net operating income: does not take opportunity costs into account
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negative economic profit
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total revenue is less than total costs, including opportunity costs
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zero economic profit
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total revenue=total costs, including opportunity costs
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normal accounting profit
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zero economic profit
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positive economic profit
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total revenue exceeds total costs, including opportunity costs
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