Managing Business Ethics and Opportunity Costs

Economic profits differ from accounting profits. Accounting profits are usually defined as revenues minus costs, and those costs as fixed and variable. Economic profits enlist a third cost, opportunity costs. While these costs are difficult to determine with mathematical precision, they are nonethel...

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Bibliographic Details
Authors: Primeaux, Patrick (Author) ; Stieber, John (Author)
Format: Electronic Article
Language:English
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Published: Springer 1997
In: Journal of business ethics
Year: 1997, Volume: 16, Issue: 8, Pages: 835-842
Further subjects:B Opportunity Cost
B Economic Profit
B Business Ethic
B Social Cost
B Economic Growth
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Description
Summary:Economic profits differ from accounting profits. Accounting profits are usually defined as revenues minus costs, and those costs as fixed and variable. Economic profits enlist a third cost, opportunity costs. While these costs are difficult to determine with mathematical precision, they are nonetheless significant, especially for decision making in business. They reflect social costs and benefits, tensions between individual and corporate interests, and all internal and external considerations which enter into decision making in business. It is precisely within opportunity cost decision making that Primeaux and Stieber situate business ethics.
ISSN:1573-0697
Contains:Enthalten in: Journal of business ethics
Persistent identifiers:DOI: 10.1023/A:1017949417038