Question

What is profit in an economic system?(1 point) Profit is the net change in the value of the economy due to an exchange. Profit is the net change in the value of the economy due to an exchange. Profit is the financial gain resulting from an exchange. Profit is the financial gain resulting from an exchange. Profit is the investment a producer makes in the economy to achieve financial gain. Profit is the investment a producer makes in the economy to achieve financial gain. Profit is the investment a consumer makes in the economy to achieve financial gain. Profit is the investment a consumer makes in the economy to achieve financial gain.

Answer 1

In an economy system, profit is the financial gain resulting from an exchange.

Profit in layman language means an amount gain for a transaction offered.

• The term "Profit" is different in both accounting and economic view.

• Profit in an economic system mean difference between the revenue realized from a sale of an output and the costs spent on inputs

• Opportunity costs & explicit costs are all considered when computing profit in economic system.

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