Changes

There are different forms of profit in economics:

There are different forms of profit in economics:

*Economic Profit - achieved when the [[Total Cost]] (TC) subtracted from Total Revenue (TR) yields a positive gain.  

*[[Economic Profit]] - achieved when the [[Total Cost]] (TC) subtracted from Total Revenue (TR) yields a positive gain.  

*Normal Profit - a firm is making normal profit when it makes enough revenue to just cover its day-to-day operating costs. Therefore, it is sometimes viewed as a cost.  

*Normal Profit - a firm is making normal profit when it makes enough revenue to just cover its day-to-day operating costs. Therefore, it is sometimes viewed as a cost.  

[[category:accounting]]

[[category:accounting]]

[[category:economics]]

[[category:economics]]