What Is the Difference Between Accounting Profit and Economic Profit

question 191

Essay

What is the difference between accounting profit and economic profit?

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Definitions:

Ethics

Moral principles that govern the behavior of individuals and organizations in conducting their business.

Social Responsibility

Involves businesses engaging in practices that benefit society and the environment beyond what is required by law.

Strategic Plan

A documented course of action outlining an organization's goals and the steps needed to achieve them effectively.

Marketing Ethics

The area of applied ethics that deals with the moral principles behind the operation and regulation of marketing, covering issues such as honesty, fairness, and responsibility.