https://www.econlearn.org/units/ap-micro-unit-3/types-of-profit
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Accounting profit is revenue minus explicit costs; economic profit also subtracts implicit costs. Zero economic profit is normal profit, the firm stays put.
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https://fiveable.me/ap-micro/key-terms/demand-for-labor
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Demand for labor is how many workers firms will hire at each wage. In AP Micro Unit 5, it's a derived demand equal to the MRP curve, and firms hire where MRP =...
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https://fiveable.me/ap-micro/key-terms/absolute-advantage
Absolute Advantage — AP Micro Definition & Exam Guide | Fiveable
Absolute advantage means producing more output with the same resources. Learn how it differs from comparative advantage, the trap AP Micro loves to test.
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