![Total Revenues – Total Costs = Profit or Loss ,[object Object],[object Object]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Economic Profit vs. Accounting Profit
- 1. My Business Venture Comparing Economic Profit to Accounting Profit
- 3. My Business Venture RED'S PHAT BURRITOS
- 4. TOTAL REVENUE 2000 BURRITOS SOLD @ $5.00 = $10,000 TOTAL EXPENSES CITY PERMIT $2000 PAYMENT TO FORMER STUDENT TO MAKE BURRITOS $3000 PAYMENT TO REDDY RENTS FOR EQUIPMENT: (Capital, Fridge, Cash register, Utensils, ect.) $2000 Payment to Mpls. Industrial Food Supply $1000 TOTAL COST $8000 ACCOUNTING PROFITS: (total revenue – total cost) $2000
- 6. Economic (opportunity) Costs T O T A L R E V E N U E Profits to an Economist Profits to an Accountant ECONOMIC COSTS Economic Profit Implicit costs (including a normal profit) Explicit Costs Accounting costs (explicit costs only) Accounting Profit
- 8. THE END