Basically, profit is revenue minus costs. It sounds simple, but the concepts of “revenue” and “cost” are complex when we examine them closely.
Fred Foldvary. "What Is Profit?" The Freeman (2012): 33.
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This article was originally published in The Freeman Vol. 62, Iss. 9 by the Foundation for Economic Education on November 2012. The article is also available online at this link.