Accounting profit : Explicit costs :: Economic profit : ?

Accounting profit is the money a business makes after subtracting explicit costs, which are the direct expenses like rent, salaries, and materials. In contrast, economic profit takes into account both explicit costs and implicit costs, which are the opportunity costs of using resources in one way rather than another. For example, if a business owner could have earned $50,000 working for someone else but chooses to run their own business instead, that $50,000 is an implicit cost. Therefore, while accounting profit focuses only on what is spent, economic profit shows a broader picture by considering what could have been earned elsewhere. This means economic profit is the money left after subtracting both explicit and implicit costs.