Explain the Difference Between Economic and Normal Profits

question 3

Essay

Explain the difference between economic and normal profits.

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Definitions:

Crust Thickness

The measurement of the Earth's outermost layer's depth, varying between the oceanic and continental crusts.

Oceanic Crust

The thin part of Earth's crust that underlies the ocean basins, composed mostly of basalt and denser than the continental crust.

Core

The innermost part of the Earth, composed primarily of iron and nickel, divided into a solid inner core and a liquid outer core.

Mantle

The thick layer of the Earth located between the crust and the core, composed of silicate rocks rich in magnesium and iron.