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Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, indicating the efficiency with which a company utilizes its resources.
Explicit Costs
are direct, out-of-pocket payments for expenses incurred by a business or individual.
Revenues
The total income generated by a company or organization from its activities, before any expenses are subtracted.
Economic Profit
The difference between the total revenues received by a business and the total opportunity costs of all resources used in the production.
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