Final answer:
Profit in business is the excess of revenues over costs, accounting for all expenses incurred by a business.
Explanation:
Profit is best described as the excess of a business's total revenues over total costs. It is the financial gain a business makes after deducting all expenses from its income.
For example, if a company's total revenue is [tex]$100,000 and its total costs are $[/tex]80,000, then the profit would be [tex]$20,000 ($[/tex]100,000 - $80,000).
Accounting profit is calculated by subtracting explicit costs, such as wages and rent, from total revenues, while economic profit considers both explicit and implicit costs.
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