Question: 1. Use an appropriate example from your experience to distinguish between accounting profit, economic profit, and normal profit. Based on your analysis, does accounting profit

1. Use an appropriate example from your experience to distinguish between accounting profit, economic profit, and normal profit. Based on your analysis, does accounting profit or economic profit determine how entrepreneurs allocate resources between different business ventures? Please explain based on your example

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The status rule: We tend to have more confidence in information presented by someone who has a relatively high status and rank in society than by someone who hasnt.

The spatial rule: The closer spatial proximity we have to an event, the more importance we will attach to it.

The visual rule: If we observe an event with our own eyes, we will attach more weight to it than if someone else had described it to us.