Please Define the Following Key Terms

question 7

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Lebensraum

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Definitions:

Total Economic Profit

Total economic profit is the difference between a firm's total revenues and its total costs, including both explicit and implicit costs.

Profitable Level

Refers to the point at which a business or operation generates revenue exceeding its costs, leading to financial gain.

Output

is the total amount of goods and services produced by an economy, firm, or production process.

Market Price

The actual selling price of a good or service in the marketplace, influenced by supply and demand.