accounting measure of costs  the direct costs that can be measured
accounting profit  total revenue less total costs except for the opportunity cost of capital
adding value  creating output that is more valuable than the resources used to create the output
debt  loans
economic costs  total costs including explicit costs and the full opportunity costs of the resources that the producer does not buy or hire but already owns
economic profit  total revenue less total costs including all opportunity costs
equity  shares of stock
negative economic profit  total revenue that is less than total costs when total costs include all opportunity costs
normal accounting profit  zero economic profit
positive economic profit  total revenue that is greater than total costs when total costs include all opportunity costs
price maker  a firm that sets the price of the product it sells
zero economic profit  the result when total revenue equals total costs where total costs include all opportunity costs