Examlex
Which statement is NOT true of the defecation reflex?
Economic Profit
Revenue minus the opportunity cost of resources used; usually less than the accounting profit.
Accounting Profit
Revenue minus explicit cost.
Factors of Production
The resources used in the creation of goods and services, traditionally categorized into land, labor, capital, and entrepreneurship.
Opportunity Cost
The real cost of an item: what you must give up in order to get it.
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