the difference between accounting profit and economic profit is that accounting profits take into account…

the difference between accounting profit and economic profit is that accounting profits take into account explicit costs while economic profits does not. economic profits take into account implicit costs while accounting profits does not. economic profits take into account explicit costs while accounting profits does not. accounting profit takes into account implicit costs while economic profits does not.

the difference between accounting profit and economic profit is that accounting profits take into account explicit costs while economic profits does not. economic profits take into account implicit costs while accounting profits does not. economic profits take into account explicit costs while accounting profits does not. accounting profit takes into account implicit costs while economic profits does not.

Answer

Brief Explanations:

Accounting profit is calculated by subtracting explicit costs (actual out - of - pocket expenses) from total revenue. Economic profit is calculated by subtracting both explicit and implicit costs (opportunity costs) from total revenue. So, economic profits take into account implicit costs while accounting profits do not.

Answer:

economic profits take into account implicit costs while accounting profits does not.