B. ECONOMIC COSTS AND BUSINESS ACCOUNTING

From General Motors down to the corner deli, businesses use more or less elaborate systems to keep track of their costs. Many of the cost categories in business accounting look very similar to the concepts of economic cost we learned above. But there are
some important differences between how businesses measure costs and how economists would do it. In this section we will lay out the rudiments of business accounting and point out the differences and similarities with economic costs.

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