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

Is structural change a problem, Is structural change a problem? Econom...

Is structural change a problem? Economies are dynamic and adapt to meet evolving consumer wants needs. This means resources are moved from use to use in response to, say, chan

Explain the effects of a minimum wage, Problem 1: (a) Suppose the gover...

Problem 1: (a) Suppose the government decides to implement a minimum wage to help low-income workers. How will the minimum wage affect the demand for labor and what does this i

Determine the best response functions of the firm, 1. Consider the market w...

1. Consider the market where there is product differentiation with two firms. The firms are choosing prices p1 and p2 and have demands given by q1 = 40 - 0.5 p1 + p2 q2 = 60

Demand and supply, discuss the concept of demand for the products that are...

discuss the concept of demand for the products that are being consumed by the different consumers

The effectiveness of the floating exchange rate model, QUESTION (a) Dif...

QUESTION (a) Differentiate between the fixed and floating exchange rate models. (b) Discuss the effectiveness of the floating exchange rate model. (c) Explain the mechani

Explain the concepts of scarcity and opportunity cost, QUESTION (a) Usi...

QUESTION (a) Using diagrams where appropriate, explain the concepts of scarcity, choice and opportunity cost. (b) Distinguish between positive and negative externalities, il

What does rostow predict, What does Rostow predict? For Rostow: ...

What does Rostow predict? For Rostow: • Savings and capital accumulation (formation) are central to the procedure of growth therefore development • The solution to de

Marginal Analysis, A clinic uses doctors and nurses optimally and is servic...

A clinic uses doctors and nurses optimally and is servicing the maximum number of patients given a limited annual payroll. The last doctor hired treated 1,600 extra patients in a

Explanation of the instruments of monetary policy, Problem 1 Discuss ho...

Problem 1 Discuss how Monetary policy regulates the money supply in an economy through various instruments. A) Explanation of the instruments of monetary policy Problem

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