Define the Following Terms: Jacquard Loom

question 7

Short Answer

Define the following terms: Jacquard loom

---

Definitions:

Economic Profits

The difference between the total revenue earned by a business and the total costs (both explicit and implicit) of all inputs used, representing the additional gain over and above the opportunity costs.

Accounting Profits

The difference between total revenue and explicit costs; essentially the bottom line of a company's income statement.

Perfectly Competitive

A market structure characterized by a large number of small firms, homogenous products, and free entry and exit, where no single firm has market power.

Variable Cost

Expenses that fluctuate with the level of output or business operations, contrasting with fixed costs.