Economic profit
Economic profit is total revenues minus all of the firm's costs, including opportunity costs.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Economic profit. Total revenues minus all of the firm's costs, including opportunity costs.
According to Macroeconomics by Mankiw (7th edition),
- Economic profit. The amount of revenue remaining for the owners of a firm after all the factors of production have been compensated. (Cf. accounting profit, profit.)