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Economic Profit and Costs Review

What is the difference between the way an accountant calculates profit versus the way an economist calculates profit? Discover one take on the issue offered by Mr. Clifford, who reviews the concepts of explicit costs, implicit costs, and economic profit in his usual humorous and informative way.

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CCSS: Adaptable
Concepts
profit, accounting, economics, cost, cost analysis, opportunity cost
More Less
Instructional Ideas
  • Have pupils construct their own metaphors and examples for explaining the difference between accounting profit and economic profit, as well as the concept of zero economic profit
Pros
  • Uses popular culture, such as references to Lebron James and Family Guy, to engage learners
  • Clear explanations with useful metaphors
Cons
  • None
Common Core
RH.11-12.4 RH.11-12.7