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Briefly discuss the product development cycle.
Economic Profit
The difference between the total revenue received by a business and the total costs, including both explicit and implicit costs.
Overhead
Ongoing business expenses not directly attributed to creating a product or service.
Accounting Profit
The total revenue of a business minus explicit costs, representing the monetary gain recorded in financial statements.
Economic Profit
The gap between total income and all expenses, covering both explicit and hidden costs.
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