Explain How a Corporate Social Networking Site Would Differ (On

question 42

Short Answer

Explain how a corporate social networking site would differ (on as many aspects as you can think of) from the personal one that so many of us belongs to.

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Definitions:

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial gain exceeding the opportunity costs of resources.

Implicit Costs

Non-direct payments or out-of-pocket costs, representing the opportunity costs of using resources owned by the firm for its own use.

Explicit Costs

Payments made directly to individuals or entities for business operations, including salaries, leasing costs, and supplies.

Implicit Costs

The opportunity costs of using resources that a firm already owns, rather than the expenses directly paid out.