Examlex
Explain the difference between consensus and conflict perspectives and how they relate to the formation of laws.How would each of these perspectives view the formation of a new law,such as a "no texting while driving" law?
Market Equilibrium
A state where the supply of a good matches its demand, with no external pressure to change the price or quantity available in the market.
Economic Profits
The difference between total revenues and total costs, including both explicit and implicit costs, representing the additional gain to entrepreneurs beyond the normal profit rate.
Accounting Profits
The financial gain calculated by subtracting total explicit costs from total revenue, according to standard accounting practices.
Industry Expansion
The growth in production, workforce, or market share within a specific sector of the economy.
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