This document defines profit and distinguishes between accounting and economic profit. It states that profit is the reward to owners for taking risks and is the difference between revenue and costs. While accountants view costs as expenses, economists see costs as also including opportunity costs of using resources. Economic profit subtracts normal profit, which is the amount that could be earned elsewhere, from accounting profit. Abnormal profit occurs when economic profit is positive, indicating resources could be better allocated to that good's production. The document encourages testing understanding of these profit concepts through a worksheet task.