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10 Cards in this Set

  • Front
  • Back
debt
loans
equity
shares of stock
economic profit
total revenue less total costs, including all opportunity costs
accounting profit
total revenue less total costs except for the opportunity cost of capital
negative economic profit
total revenue is less total costs include all opportunity costs
zero economic profit
total revenue is equal to total cost when total costs include all opportunithy costs
normal accounting profit
zero economic profit
positive economic profit
total revenue is greater than total costs when total costs include all opportunity costs
ceteris paribus
Latin for 'everything else held constant'
price maker, price setter, or price searcher
a firm that sets the price of the product it sells