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Identify/define and explain the significance of the following: John II.
Product Promotion
Activities undertaken to inform potential customers about a product or service, encouraging its purchase.
Real Characteristics
Essential and tangible attributes or features of goods, services, or economic conditions that can be measured and evaluated.
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, representing the profit beyond the normal return on investment.
Profit-Maximizing
The strategy businesses use to generate the highest possible profit, typically by adjusting price, output, or other operational variables.
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