The difference between total income received and all expenses, both explicit and implicit, is called:

The question asks for the definition of the difference between total income and all expenses (explicit and implicit). This is a fundamental concept in economics and accounting.

In accounting and economics, when all expenses, both explicit (out-of-pocket costs) and implicit (opportunity costs), are subtracted from total revenue, the result is known as net income or profit.

Explicit costs are the direct, out-of-pocket payments made by a firm. Examples include wages, rent, and raw materials.

Implicit costs represent the opportunity cost of using resources that the firm already owns. For example, if a business owner could have earned a salary by working elsewhere, that forgone salary is an implicit cost.

Therefore, the difference between total revenue (income) and the sum of explicit and implicit costs is profit.

Ответ: Прибыль