Economists recognize what is sometimes referred to as "psychic income" such as the value some people attach to being their own boss.As such,failure to factor in psychic income when calculating economic profit could result in an understatement of the actual economic profit received from a particular enterprise.

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Economists do recognize the concept of psychic income and not factoring it in when calculating economic profit could lead to an understatement of the actual profit received.

Economists Recognize What Is Sometimes Referred to as "Psychic Income