Examlex
The impact of sourcing materials or services with improved quality for a firm is
Economic Profit
The difference between a firm's total revenue and its total costs, including both the explicit and implicit costs, representing the financial gain exceeding the opportunity costs.
Total Revenue
The gross income of a company, which is the sum of money generated from its goods or services sold before deducting any costs.
Annual Salary
The total amount of money earned by an employee in a year from their job before taxes and other deductions.
Production
The process that transforms scarce resources into useful goods and services.
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