Final answer:
Profit in business is the gain acquired from an action, encompassing psychic and entrepreneurial profit, where entrepreneurs receive monetary rewards for being in business.
Explanation:
Profit in business terms refers to the gain derived from an action, where total yield exceeds total costs. There are two types of profit: psychic profit and entrepreneurial profit. Entrepreneurial profit is the monetary reward owners of firms receive for being in business, which is the driving force behind production in a market economy.
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