Worksheet 52.1: Economic Profit and Costs Review For an explanation and example of accounting versus economic profit, watch Jacob Clifford's video "Micro 3.7 Economic Profit and Costs" at https://www.youtube.com/watch?v=aOnUWrnuUdo. Then answer these questions on this video. 1. What is an explicit cost? List 3 examples for a flower shop. 2. What is an implicit cost? List 2 examples for a flower shop. 3. Fill in the chart: Define Formula Accounting Profit Economic Profit 4. What does it mean to have 0 (zero) economic profit? 5. Why do we refer to zero economic profit as the normal profit? 2015, BFW/ Worth Publishers Section 10 Krugman's Economics for AP", 2e Teacher's Resource Materials