The estimated economic loss of all motor vehicle crashes in 2012 was $26,000.
True
What is economic loss?
Economic loss is a term of art that describes financial loss and damage sustained by a person that only appear on a balance sheet and do not manifest as actual physical harm to the person or their possessions.
The difference between the proceeds from the sale of an output and the price of each input used, as well as any opportunity costs, is known as an economic profit or loss. Opportunity costs and explicit costs are subtracted from revenue received to determine economic profit.
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