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Differentiate between a goal and an objective, and explain why both are important.
Profit
The financial gain obtained when the revenue from business activities exceeds the expenses, costs, and taxes.
License Fee
A charge paid for permission to use intellectual property, enter a market, or perform certain activities within a regulatory framework.
Economic Profit
The surplus remaining after total costs are subtracted from total revenue, considering both explicit and implicit costs.
Marginal Revenue
The additional income earned by a firm from selling one more unit of a good or service.
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