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Cones
Economic Profit
This refers to the surplus remaining after subtracting both visible and hidden costs from total revenues, highlighting a firm's genuine financial gain.
Annual Profit
Annual profit refers to the total profit a business earns over the course of a fiscal year, accounting for all revenues minus expenses during that period.
Variable Costs
Costs that vary directly with the level of production or service activity, such as materials and labor.
Fixed Costs
Expenses that do not change with the level of production or sales, such as rent, salaries, and loan payments.
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