Question

What does profit means in Economy??

Answer 1

Answer:

An economic profit or loss is the difference between the revenue received from the sale of an output and the costs of all inputs used as well as any opportunity costs. In calculating economic profit, opportunity costs and explicit costs are deducted from revenues earned.

Answer 2

Answer:

An economic profit or loss is the difference between the revenue received from the sale of an output and the costs of all inputs used as well as any opportunity costs. In calculating economic profit, opportunity costs and explicit costs are deducted from revenues earned.