The Need for __________ Involves a Strong Desire to Succeed

question 162

Multiple Choice

The need for __________ involves a strong desire to succeed in attaining goals.

• A) achievement
• B) power
• C) motivation
• D) emotion

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Definitions:

Implicit Costs

The opportunity costs of using resources that a company already owns, not directly paid for with cash.

Accounting Profit

The total revenue of a business minus the explicit costs, representing the financial gain in accounting terms.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, representing the additional return over the investor's opportunity cost.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own production instead of earning revenue from these resources elsewhere.