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Discuss the principal critiques of the functional perspective.
Profit
The profit achieved when the revenue from a business activity surpasses the necessary expenses, costs, and taxes to maintain that activity.
Economic Costs
The total expenses incurred in producing a good or service, including opportunity costs.
Total Revenue
The overall amount of money earned by a business from the sale of its goods or services, calculated as the product of price times quantity sold.
Economic Profits
Profits exceeding the opportunity costs of a firm, representing earnings beyond the breakeven point.
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