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    Economic versus accounting income

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    Economists and accountants agree that the concept of income is vitally important. However, the two disciplines disagree on what income is and how it should be measured.

    A. Present an argument in favor of the economist's view of the concept of income.
    B. Present an argument in favor of the accountant's view of the concept of income.

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    Solution Preview

    A. The economist view income as including the opportunity cost as well. The economist view of income goes beyond the actual cash income and also considers the opportunity cost of not working on some other opportunity. This view is truly all ...

    Solution Summary

    The solution does a great job of explaining the concepts being asked in the question. The solution is very well explained and detailed. A good response for anyone looking to get a deeper understanding of the economics concepts. Overall, an excellent response.