Answer :
Accounting profits tend to exceed economic profits because they exclude economic costs
Economics is the study of scarcity and its effects on the use of resources, the production of goods and services, the growth of output and wealth over time, and many other complex issues important to society.
The economy is the area of production, distribution, trade, and consumption of goods and services. Generally, it is defined as a social domain emphasizing practices, discourses, and material expressions related to the production, use, and management of scarce resources. The economy plays a role in our daily lives. The study of economics allows us to understand past, future, and present models and apply them to societies, governments, businesses, and individuals.
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