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In economics, profit is the difference between revenue that an economic entity has received from its outputs and total costs of its inputs, also known as surplus value. It is equal to total revenue minus total cost, including both explicit and implicit costs.
Economics (/ ˌ ɛ k ə ˈ n ɒ m ɪ k s, ˌ iː k ə-/) is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work.
Principles of Economics is a leading political economy or economics textbook of Alfred Marshall (1842–1924), first published in 1890. It was the standard text for generations of economics students. Called his magnum opus, it ran to eight editions by 1920.
- Alfred Marshall
- 1890
Jul 17, 2023 · LEARNING OBJECTIVES. Economic profit is total revenue minus explicit and implicit (opportunity) costs. In contrast, accounting profit is the difference between total revenue and explicit costs- it does not take opportunity costs into consideration, and is generally higher than economic profit.
A class is those who share common economic interests, are conscious of those interests, and engage in collective action which advances those interests. Within Marxian class theory, the structure of the production process forms the basis of class construction.
Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy. However, unlike critics of political economy, Marxian economists tend to accept the concept of the economy prima facie.
Das Kapital is the most cited book in the social sciences published before 1950. Marx's theory of historical materialism posits that the economic structure of society – in particular, the forces and relations of production – are the crucial factors in shaping its nature.
