An economic profit includes implicit costs and accounting profit does not. A distinction between them is important because an accounting profit is a relative amount of money. Some amount of accounting profit may or may not be a sufficient amount of profit to keep an entrepreneur in:

his/ her present line of business

Explanation:

Economic profit is accounting profit less implicit cost

Accounting cost is total revenue less explicit cost

Implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives

Explicit cost is the actual cost incurred in carrying out an activity.

In determining  profit, it is essential to consider implicit cost to determine if the business is earning economic profit

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