How do economists differ from accountants, Business Economics

Assignment Help:

How do economists differ from accountants in the use of the term profit ?

Definition of rev and accounting costs

  • Explanation/outline of opportunity costs, for example

a) foregone interest

b) foregone wages

c) risk premium

  • accounting costs + opportunity costs = economic costs
  • Explanation of normal profit as covering all accounting and opportunity costs
  • Explanation of abnormal profit

 


Related Discussions:- How do economists differ from accountants

Scarcity and original cost, define scarcity and opportunity cost? what rol...

define scarcity and opportunity cost? what role these two concepts play in the making of decision making?

Supply and demand, analyse the effect of an increase in the price of sim ca...

analyse the effect of an increase in the price of sim cards on the equilibrium price and equilibrium quantity of cellphones handsets

What are the implications of environment in economic growth, What are the i...

What are the implications of Environment in Economic Growth? Implications of Environment in Economic Growth: Only government can suppose liability for protecting natural res

Pricing strategy, You own a small retail business that produces a product t...

You own a small retail business that produces a product that is slightly different from that of your many competitors. Your firm is currently making an economic profit. The absolut

Are weaknesses of financial markets a problem, Are weaknesses of financial ...

Are weaknesses of financial markets a problem? Problem: a. Potential entrepreneurs require funds to finance new projects. Financial institutions, as like banks, are middle

Hypothetical demand curve for hybrid vehicles, Equation (1) gives a hypothe...

Equation (1) gives a hypothetical demand curve for hybrid vehicles in the United States during the year 2000, where Q is the quantity demanded and P is the price.  Equation (2) giv

Economic theory, How does economic theory contributes to managerial decisio...

How does economic theory contributes to managerial decisions?

Terms of trade deteriorating in less developed countries, Why are the terms...

Why are the terms of trade deteriorating for Less Developed Countries? Problem: The substantial decline within real commodity prices and the deterioration into the terms of

Factors of senior IS management and customer management, What factors would...

What factors would you consider while deciding on the frequency along with which you would report progress to (1) senior IS management, and (2) customer management? A main fact

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd