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The "slippery slope" of corruption finds that even accepting minor gratuities can lead to a more ready acceptance of larger bribes.
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.
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