Accountants only concern themselves with direct costs which involve things like the cost of materials, rent, and labor for instance. This profit is aptly named "accounting profit".
Economists consider those costs as well, but they also include indirect costs such as opportunity costs of other investments. Recall that opportunity cost is the cost of what you give up if you make a certain decision.
For instance, if a car factory makes 4 door sedans, but it could be making more money with SUVs, then the opportunity cost is high and the economic profit is lower compared to the accounting profit.
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Answer: The economy is likely to suffer from a recession
Explanation:
Contraction simply means when a particular economy is in decline. When the real gross domestic product for a certain economy reduces for two quarters, then it is said that recession is taking place in such economy.
When a particular economy plunges into contraction, this will likely lead to more unemployment in the economy. When there's recession, there's a reduction in the level of activity for that economy and there's also the reduction in the demand for goods and services.
