The key difference is that economic profit factors in implicit costs (sometimes called opportunity costs). Just what do we mean by opportunity costs anyway?© BrainMass Inc. brainmass.com October 9, 2019, 9:29 pm ad1c9bdddf
The opportunity cost or alternative costs are the returns from the second best use of the organization's resources or here in this case the individual's capability.
For example a farmer who is producing wheat can also produce potatoes with the same factors.
Therefore the opportunity cost of a ...
This explain the concept and interrelationship between Economic profit and opportunity costs