By John A. Stieber
Revenue isn't really A FOUR-LETTER observe the true fact approximately what it really is * the place it comes from * the way it improves the standard of lifestyles for all people a few humans worship it. Others rage opposed to it. yet John Stieber wish to set the list immediately. revenue is neither inherently stable nor inherently evil. What it's is a robust catalyst for generating each sturdy and repair that makes our lives more uncomplicated -- from a leak-proof roof to the Concorde jet. And the pursuit of revenue is not only the driver for developing new and wondrous issues. because the financial and environmental devastation left over from lots of the profit-suppressed Communist-bloc countries will attest, revenue is the simplest incentive to take advantage of our scarce assets successfully. revenue isn't really a Four-Letter notice is a superbly succinct and enormously energetic primer at the subject. With a breezy sort, pleasant illustrations, enlightening parables, and bulls-eye reasons, the booklet is designed in order that company pros of each stripe can snatch the most important financial rules approximately revenue in a single speedy learn. notwithstanding short and concise, this ebook takes readers a long way past the simplistic formulation of 'what's left over once you pay the bills.' It brilliantly illuminates the an important thoughts of mounted, variable, and chance expenditures * the adaptation among accounting and fiscal revenue * the human endeavors required to make a revenue * and why making revenue is nice for corporations and for society. JOHN A. STIEBER (Dallas, TX) has taught economics and finance on the Edwin L. Cox institution of industrial, Southern Methodist collage, for greater than 30 years. His scholars contain undergraduates, center managers, and senior executives. The winner of various awards for extraordinary educating, he's additionally lively as a specialist and speaker.
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Additional info for Profit Is Not a Four-Letter Word: The real truth about what it is * where it comes from * how it improves the quality of life for everyone
Page xv is not a four-letter word the Real Truth about what it is, where it comes from, how it improves the quality of life for everyone Page 1 The First Cup of Coffee in the Morning: Brought to You by the Pursuit of Profit Describing the benefits that accrue from the pursuit of profit is not an easy task, because they are so obvious that we usually take them for granted. When our clock radios wake us in the morning to our favorite music mixed with reports about traffic conditions and the weather, we drag ourselves out of bed in our centralheated and air-conditioned homes and take hot showers.
Whenever economic profit is equal to zero, this model tells us that the business is making accounting profit but that its opportunity cost is equal to its accounting profit. Economists refer to this situation as a case where economic profit is equal to the company's opportunity cost. ECONOMIC PROFIT = ACCOUNTING PROFIT - OPPORTUNITY COST Page 46 Whenever economic profit is positive, the company is making so much accounting profit that it more than covers the opportunity cost of the company. Economists refer to this situation as a case where economic profit is greater than opportunity cost.
You guessed it: opportunity cost. Let's see why. Remember our friend Farmer Jones? When he decided to produce corn on his land, he couldn't produce potatoes. His opportunity cost was the forgone potatoes. What happens if Farmer Jones buys a new tractor? A tractor is one of those fixed costs about which we spoke earlier. Once Farmer Jones uses his money to buy a tractor, he cannot use this same money to buy a combine. Farmer Jones has just incurred an opportunity cost, the forgone combine. Suppose Farmer Jones spends his money on fertilizer.