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The Ethical Concept of Autonomy Refers to Independence, Self-Determination, or Freedom

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Essay

The ethical concept of autonomy refers to independence, self-determination, or freedom. What are the three main elements of autonomy?


Definitions:

Profit

The financial gain accrued from a business activity when total revenues exceed total expenses.

Total Revenue

The total income generated from the sale of goods or services before any expenses are subtracted.

Long Run

An economic period in which all inputs, including capital, can be adjusted, allowing firms to fully adapt to market changes.

Output

The total amount of goods and services produced by an economy or a production process over a certain period of time.

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