Suppose the entrepreneur could earn $800 as an employee elsewhere. This means the entrepreneur is earning

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If the entrepreneur could earn $800 as an employee elsewhere but chooses to run their own business and earns more than $800, then they are earning economic profits. Economic profits take into account opportunity costs, which in this case is the foregone income from being an employee elsewhere. Breakeven profits would mean the entrepreneur earns exactly $800, and accounting losses would mean the entrepreneur's revenue is less than their explicit costs (such as rent, materials, etc), but it is unclear if this is the case based on the information given. Economic losses would mean the entrepreneur's revenue is less than their total costs (both explicit and implicit), but again, the information given does not allow us to determine if this is the case.

Suppose the Entrepreneur Could Earn $800 as an Employee Elsewhere