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BUS101 Saylor Adcamy

Unit 1; 1.1; Section 4; Terms

TermDefinition
Profit The difference between revenue and expenses.
Value The present value of current and future profits of a firm.
Normal Profit The total opportunity costs (explicit and implicit) of an investor’s venture.
Economic Profit Revenue minus all costs, including normal profit.
Game Theory A branch of mathematics studying strategic decision-making to maximize returns.
Consumer Surplus The difference between what a consumer is willing to pay and the market price.
Gross Profit Sales revenue minus cost of goods sold (COGS).
EBITDA Earnings before interest, taxes, depreciation, and amortization.
EBIT Earnings before interest and taxes, also called operating profit.
EBT Earnings before tax, also known as net profit before tax or pre-tax income.
Net Profit After Tax Profit after deducting all costs, including taxes
Profit Maximization Operating at the point where the difference between total revenue and total cost is greatest.
Economic Value The maximum amount someone is willing to pay for a good or service.
Present Value (PV) The current value of future cash flows discounted at a given interest rate.
Revenue Income generated from the sale of goods or services.
Cost The expenses incurred in producing goods or delivering services.
Strategic Situation A scenario where choices of one actor affect outcomes for others, studied in game theory.
Market Price The price at which a good or service is bought and sold in a market.
Exchange The act of trading goods, services, or money between two parties.
Created by: nutrient37
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