Define Ethics

question 4

Essay

Define ethics.Why might ethics be or appear to be incompatible with the nature of negotiation? What aspects of the negotiation would negotiators consider in order to negotiate as ethically as possible?

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Definitions:

Opportunity Cost

The loss of potential gain from other alternatives when one option is chosen.

Accounting Profits

The difference between total revenue and explicit costs of a business, calculated using principles of accounting.

Economic Profits

The surplus left after total costs (including both explicit and implicit costs) are subtracted from total revenues.

Short-Run Marginal Costs

Costs associated with producing one more unit of a good or service in the short term, where some inputs are fixed.