______________ Use Communications and Computer Technology to Link Organizations Around

question 112

Short Answer

______________ use communications and computer technology to link organizations around the world.

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Definitions:

Total Cost

The sum of all expenses incurred in the production of goods or services, including both fixed and variable costs.

Accounting Profit

The difference between total revenue and explicit costs of a business.

Economic Profit

The profit a company makes after deducting both explicit and implicit costs, reflecting the total opportunity costs of its resources.

Implicit Costs

The opportunity costs of using resources that are owned by the firm or entrepreneur for one purpose instead of another, not directly paid out in cash.