price increases; output increases; profit increases
Profit is defined as the difference between an economic entity's revenue from outputs and its opportunity costs for inputs. It is the sum of all revenues less all expenses, including both direct and indirect expenses.
Unlike accounting profit, it solely pertains to the explicit costs that are shown on a company's financial accounts. A company's accounting profit is calculated by subtracting just its explicit costs from its entire revenue. When examining a company, an economist considers all opportunity costs, both apparent and implicit. Profit in the economy is therefore less than profit in the books. An economist would define a business as profitable if its entire income equaled its opportunity cost.
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