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

Growth prospects of Thrust areas of Indian Exports, describe the avenues an...

describe the avenues and prospects of India''s leather and leather goods exports. what are the competitive advantages and disadvantages of leather and leather goods exports

Economics , analyse the method by which a firm can allocate the given adver...

analyse the method by which a firm can allocate the given advertising budget between different media of advertisement

Why are penalty clauses in monetary compensation, Subcontracts frequently i...

Subcontracts frequently include penalty clauses to provide the main contractor defence into the case of the supplier’s poor performance. Why are penalty clauses not the complete an

Exception to law of demand, case study on diamond price and petrol price fo...

case study on diamond price and petrol price for exxception to the law of demand

Marginal propensity to consume , Assume  the marginal propensity to consume...

Assume  the marginal propensity to consume (MPC) is 0.9. Starting from   equilibrium, investment demand enhances by 50. How much does equilibrium income enhance? Show the calcul

Influence of warranty and political pressure in is project, Explain about t...

Explain about the influence of warranty and political pressure in IS project. Warranty: When a system is being developed under contract, this frequently carries a warranty

RAILWAY ECONONOMIS, EVALUATING THE IMPLICATION OF IMPLIMENTING PRODUCT MIX ...

EVALUATING THE IMPLICATION OF IMPLIMENTING PRODUCT MIX FOR FREIGHT RAILWAYS

Define inflation and explain its causes, QUESTION (a) In several countr...

QUESTION (a) In several countries recently, many people have become unemployed. Analyse the different types of unemployment in an economy. (b) Define inflation and explain i

Economics, Ask question #Minimum 1000words accepted#

Ask question #Minimum 1000words accepted#

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