profit-loss account14

May 13th, 2015
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profit loss accounting description of statements economics

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Profit (economics)From Wikipedia, the free encyclopediaJump to: navigation, search This article needs additional citations for verification.Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (November 2008)In economics, the term profit has two related but distinct meanings. Normal profit represents the total opportunity costs (both explicit and implicit) of a venture to an entrepreneur or investor, whilst economic profit (also abnormal, pure, supernormal or excess profits, or simply profit) is, in neoclassical economics at least, is the difference between a firm's total revenue and normal profit.[1] In classical economics (economic) profit is the return to the employer of capital stock (machinery, factory, a plough) in any productive pursuit involving labor. These two definitions are actually the same. In both instances economic profit is the return to an entrepreneur or a group of entrepreneurs. Economic profit is thus contrasted with economic interest which is the return to an owner of capital stock or money or bonds.[citation needed] A related concept is that of economic rent.Other types of profit have been referenced, including social profit (related to externalities). It is not to be confused with profit in finance or accounting, which is equal to revenue minus only explicit costs,[1] or superprofit, a concept in Marxian economic theory.Contents[hide]1 Normal profit 2 Economic profit 3 Other a

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