Examlex
According to management guru Peter Drucker, the two basic functions of a business are advertising and sales.
Marginal Revenue
The augmented income from the sale of one more unit of a good or service.
Pure Competition
A market structure characterized by a large number of buyers and sellers, free entry and exit, and a homogeneous product, leading to price taking behavior.
Competitive Firm
A business that competes in a market where it has some influence on the prices of its products or services but faces competition from other firms.
Total Economic
A term likely intending to refer to 'total economic value,' which encompasses all direct and indirect values of a resource or entity.
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