Subnormal profit, an economic term of profit, occurs when profit fails to meet the level of normal profit. Economics (deriving from the Greek words οίκω [okos], house, and νέμω [nemo], rules hence household management) is the social science that studies the allocation of scarce resources to satisfy unlimited wants. ... Profit is defined as the residual value gained from business operations. ... In accounting terms, accounting profit is the total revenue minus costs properly chargeable against the goods sold (Ref. ...