Examlex
What is a conflict of interest and why is it considered to be an ethical issue?
Consumer Tastes
Preferences and desires that influence the buying behavior of consumers and demand for products and services.
Economic Profits
The surplus achieved when total revenue exceeds the total costs, including both explicit and implicit costs.
Accounting Profits
The difference between total revenue and explicit costs, representing the net income of a business according to standard accounting practices.
Competitive Economy
An economic system where businesses operate in a free market, competing for consumers on price, quality, and service.
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