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.)