Answer to Question #240927 in Economics for CCW

Question

Econ. Chap. 4:

Make visual notes, acronyms, symbols to make definitions visual

5) profit -

6) costs of production -

Answer 1

Profit - the final financial result of the enterprise; is defined as the difference between revenue and costs.

Production costs - the totality of all production costs for a certain period associated with the provision of the expanded reproduction process (the total expression of all production costs).