Accounting costs come from the total explicit costs of the company during the fiscal year.Explicit costs are defined monetary values and are used to calculate net income at the end of the fiscal year.For example, if a company spends $500,000 on employee wages, $200,000 on office supplies, rent, capital etc, and $300,000 on inventory, the total accounting costs are $1,000,000 for the year.Economic costs consider both the explicit and implicit costs to the company that occur during the fiscal year.Implicit costs are associated with resources that are provided to the company with no price tag.For example, if a company operates out of a building it owns, it experiences an implicit cost from the rent it could earn from leasing the building to another company.The building could earn $5,000 a month from a commercial renter, so the company has an implicit cost of $60,000 per year to add to its economic costs.So using my examples:Accounting/Explicit costs = $1,000,000Economic/Implicit costs = $60,000