___________ Are Principles of Proper Conduct Focused on Issues Such

question 150

Multiple Choice

___________ are principles of proper conduct focused on issues such as corruption, exploitation of labor and environmental impact.

• A) Transnational ethics
• B) World ethics
• C) International ethics
• D) Domestic ethics
• E) Universal ethics

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Definitions:

Normal Profit

The lowest amount of profit a company must earn to stay competitive and cover its opportunity costs.

Implicit Costs

Implicit costs, also known as imputed or opportunity costs, are the costs of resources owned by the firm that are used in its own production process.

Explicit Costs

Direct, out-of-pocket payments for wages, rent, materials, and other inputs in the production process.

Opportunity Costs

The value of the best alternative foregone when a decision is made to pursue a particular action, essentially the cost of choosing one option over another.