Differentiate between accounting profits and economic profits.

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In microeconomics, accounting profits and economic profits are two distinct concepts that reflect different aspects of a business's financial performance.

Accounting Profits:
Accounting profit, also known as "book profit," is the difference between a firm's total revenue and its explicit costs. Explicit costs are direct, out-of-pocket expenses, such as wages, rent, and materials. This measure of profit is used for financial reporting and taxation purposes. It is straightforward to calculate and is recorded _________ ___ _____________ __________ ______ _________.
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Degree : BACHELOR DEGREE PROGRAMMES
Course Name : BACHELOR OF ARTS
Course Code : BAG
Subject Name : Principles of Microeconomics-II
Subject Code : BECC 132
Year : 2024 2025