The basic characteristics of a pure capitalist system include the private ownership of the means of production and economic activity being coordinated through a system of markets and prices

A probability weighted value is referred to as a(n):

A) discount value. B) reduced value. C) expected value. D) future value.

The following is cost information for the Creamy Crisp Donut Company: Entrepreneur's potential earnings as a salaried worker = $50,000 Annual lease on building = $22,000 Annual revenue from operations = $380,000 Payments to workers = $120,000

Utilities (electricity, water, disposal) costs = $8,000 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Refer to the data. Creamy Crisp: A. has lower implicit costs, including a normal profit, than its explicit costs. B. is earning a normal profit but not an economic profit. C. is earning an economic profit. D. is suffering an economic loss, when implicit costs are considered.