A Company's Plan for How It Will Earn Income and Generate

question 88

Multiple Choice

A company's plan for how it will earn income and generate profits is called the ______.

• A)revenue model
• B)business model
• C)revenue stream
• D)business plan

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Definitions:

Economic Profits

The surplus remaining after subtracting total costs from total revenues, including both explicit and implicit costs.

Creative Destruction

A concept in economics that refers to the process by which new innovations lead to the demise of old technologies and economic structures, driving economic growth through renewal.

Joseph Schumpeter

Joseph Schumpeter was a 20th-century economist known for his theories on business cycles, innovation, and the concept of "creative destruction."

Alfred Marshall

A prominent British economist known for his significant contributions to the principles of microeconomics.