Economic profit (HL only)

IB Economics: Economic profit (HL only)

This lesson looks at the different types of economic profit − normal (zero profit), abnormal (economic profit) and loss (negative economic profit). Implicit costs (that make up economic profit) are no longer part of the new syllabus.What are the different types of profit in business - normal profit, loss and abnormal profit levels and how can we illustrate each on a diagram.Lesson time: 80 minutes

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