Economic Profit Differs from Accounting Profits Because of Its Inclusion

question 202

Multiple Choice

Economic profit differs from accounting profits because of its inclusion of:

• A) explicit costs.
• B) incidental costs.
• C) potential costs.
• D) implicit costs.

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Definitions:

Supply Chain Information System

A collective term for the systems and technologies that manage, control, and monitor supply chain activities.

Process Excellence

A philosophy or approach that emphasizes the need for continuous improvement and effectiveness in business processes.

Essential Elements

Fundamental components or aspects that are crucial for the completion or success of a process, project, or system.

Enterprise Resource Planning

Integrated management software systems that are used to collect, store, manage, and interpret data from various business activities, facilitating information sharing across the organization.