Order the steps in analyzing a business's profitability based on the concepts of accounting profit and economic profit:

To analyze a business's profitability, you first need to understand the difference between accounting profit and economic profit. Accounting profit is the money a business makes after subtracting all explicit costs, like wages and rent, from total revenue. On the other hand, economic profit goes further by also considering implicit costs, which are the opportunity costs of using resources in one way instead of another. For example, if a business owner could earn $50,000 working elsewhere but chooses to run their own bakery, that potential income is an implicit cost that affects economic profit. By calculating both types of profit, you can get a clearer picture of how well the business is performing and whether it is making the best use of its resources.