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PROFIT

“Profit” in everyday life means advantage or good obtained from something. Besides, it can mean money gained in business.

“Profit” for an accountant means simply the difference between total receipts and total costs. For the economist “profit” has a much wider meaning. It is the revenue derived from the use of resources minus the opportunity cost of using those resources.

The economist attaches a cost to the use of retained earnings, since they could have yielded revenues if used outside the business. Besides, the economist would value the time of owner managers in accordance with what they could have earned outside the business.

Profit is derived by selling a product for more than the cost required to produce or acquire it. Some consider the pursuit of profit to be the essence of capitalism.

Opponents of capitalism often protest that private owners of capital do not remunerate laborers the full value of their production but keep a portion as profit, claiming this to be exploitative. However, defenders of capitalism argue that when a worker is paid the wage for which he agreed to work, there is no exploitation, especially in a free market where no one else is making an offer more desirable to the worker; that "the full value of a worker's production" is based on his work, not on how much profit is created.

1. Ответьте на вопросы по тексту:

1. What is profit?

2. What is profit for an accountant?

3. What does an economist take into account to calculate profit?

4. What is essential characteristic of capitalism?

5. What do opponents of capitalism protest about?

2. Найдите в тексте эквиваленты слов и выражений профессионально-ориентированной лексики:

Прибыль, различные понятия прибыли, полученная выручка, получение прибыли, реализация прибыли, продажа продукта, частные собственники, полная стоимость, заработная плата.