Distinguish Between the Economist's Definition of Profit and the Accountant's

question 158

Essay

Distinguish between the economist's definition of profit and the accountant's definition.Which is superior for decision making?

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Definitions:

Diffusion of Responsibility

A phenomenon where individuals are less likely to take action or feel a sense of responsibility when others are present.

Cognitive Dissonance

is a psychological phenomenon where an individual experiences discomfort due to conflicting beliefs, behaviors, or attitudes.

De-individuation

A psychological state of decreased self-evaluation and decreased evaluation apprehension causing antinormative and disinhibited behavior.

Stimulation and Crowding

The phenomenon where high levels of stimulation (from noise, people, etc.) can either energize individuals and improve performance or lead to discomfort and decreased performance, depending on context and individual differences.