Question

what is profit? what is the difference between economic or pure profit and buisness or accountant's profit?​

Answer 1

Answer:

Profit is a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.

Economic profit is similar to accounting profit, but it includes opportunity costs. Accounting profit includes explicit costs, such as raw materials and wages. Economic profit includes explicit and implicit costs, which are implied or imputed costs.

Answer 2

Answer:

Profit, in accounting, is an income distributed to the owner in a profitable market production process. Profit is a measure of profitability which is the owner's major interest in the income-formation process of market production. There are several profit measures in common use. Accounting profit the net income for a company, which is revenue minus expenses. ... Accounting profit includes explicit costs, such as raw materials and wages. Economic profit includes explicit and implicit costs, which are implied or imputed costs.

Explanation:

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