Arrange the following steps in the correct order to understand the concept of economic profit: A) Calculate total revenue, B) Identify explicit costs, C) Deduct total economic costs (explicit + implicit) from total revenue, D) Determine economic profit.

To understand the concept of economic profit, you start by calculating total revenue, which is the money a business makes from selling its products or services. Next, you identify explicit costs, which are the direct expenses like wages and rent that a business pays. After that, you deduct total economic costs, which include both explicit costs and implicit costs, such as the opportunity cost of not using resources in the next best way, from the total revenue. Finally, you determine economic profit by taking the total revenue and subtracting total economic costs. For example, if a business has a total revenue of $100, explicit costs of $60, and implicit costs of $20, the economic profit would be $100 - ($60 + $20) = $20.