Please Define the Following Key Terms

question 11

Short Answer

Please define the following key terms.
- Songhai Empire

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Definitions:

Economic Profits

Economic Profits represent the surplus after subtracting both the explicit and implicit costs from total revenue, depicting a firm's advantage beyond the normal returns.

Normal Rate

Typically refers to an average or commonly occurring value within a specific context, such as an interest rate or growth rate.

Marginal Cost

The increase or decrease in the total cost that arises when the quantity produced is incremented by one unit.

Fixed Factor

A resource or input whose quantity cannot easily be changed in the short run.