3.3.4 Normal profits, supernormal profits and losses - Theme 3 Edexcel Economics
This lesson introduces learners to the concept of economic profit as opposed to accounting profit which most are familiar with. We use broken down examples to explain the concept of
normal, supernormal profits and losses. We then look at marginal revenue and marginal cost to identify profit maximisation points and shutdown points. Calculation and drawing tasks to consolidate and a box plenary to finish with.
Colourful, concise and engaging slides!