1. The document discusses profits, determinants of short-term and long-term profits, and break-even analysis. It defines profit as the residual income left after paying all costs of production. 2. Determinants of profit include excess of income over costs, risk management, uncertainty bearing, innovation, price level changes, and imperfect competition. Determinants of short-term profit are economic growth, market structure, and demand. Long-term profit is determined by new products and design changes. 3. Break-even analysis studies the relationship between costs, volume, and profits. It identifies the sales volume where total revenue equals total costs, which is the break-even point.