Examlex
The definition of poverty by the UN Commission on Human Rights stating that it is "a human condition characterized by the sustained or chronic deprivation of the resources, capabilities, choices, security, and power necessary for the enjoyment of an adequate standard of living and other civil, cultural, economic, political, and social rights," considers poverty in terms of
Maximizing Profit
It refers to the process whereby businesses aim to increase their earnings to the highest possible level by optimizing their operations and resource utilization.
Competitive Price-Searcher
A market participant who sets prices based on the prices of competitors, often in markets with differentiated products.
Demand Conditions
Factors that affect the willingness and ability of consumers to purchase goods and services at various prices.
Economic Profit
The total revenue of a firm minus its explicit and implicit costs, representing the surplus income over and above what is needed to keep its resources in their next best alternative use.
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