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Definition: This refers to all short-term debts of a company or household (including invoices, bills, tax payments) to be paid to its creditors and suppliers. …

Definition: This refers to total revenue less total explicit costs such as depreciation, interest and taxes. Note that accounting profit is higher than economic profits …

Definition: This loss occurs when total explicit revenue is lower than total explicit costs.…

Definition: According to this economic concept, if the consumption (or demand) of a good or service increases, demand for new investment to produce this good …

Definition: The ability of a person, company or country to produce more output than others by using the same amount of resources…

Definition: This principle says, regardless of the benefits people receive, they should be taxed according to their ability to pay. That is, people who earn …