accounting profit
the amount left over from total revenue once explicit cost is subtracted
cost
the value of resources given up in order to produce a good or service
economic cost
the sum of explicit and implicit costs
economic profit
the amount left over from total revenue once explicit and implicit costs are subtracted
explicit cost
cost involving monetary payment
implicit cost
the opportunity cost that occurs from allocation of resources for a specific purpose, which cannot easily be assigned a monetary value
normal profit
the situation when a firm's total costs and total revenue are equal
opportunity cost
the value or benefit of the next best alternative given up when making a choice
profit
the amount left over from total revenue once total cost (however defined) is subtracted
total revenue
the amount received by producers when selling output