The Year 1776 Is an Important Date in the History

question 80

True/False

The year 1776 is an important date in the history of management because it saw the birth of the world's first democratic republic.

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Definitions:

Economic Profit

The difference between total revenue and total cost, including both explicit and implicit costs.

Investment

The allocation of resources, usually financial, into assets with the expectation of generating income or profit in the future.

Economic Rent

A return on an asset or payment to a factor of production in excess of what's necessary to keep it in its current use.

LAC

Long-run Average Cost, which represents the per unit cost of production when all inputs, including capital, are variable.