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The table below provides the annual revenues and costs for a family-owned firm producing catered meals.

Total Revenues ($)	500 000
​	​
Total Costs ($)	​
- wages and salaries	200 000
- risk-free return of 6% on owners' capital of 250 000	15 000
- rent	105 000
- depreciation of capital equipment	25 000
- risk premium of 8% on owners' capital of 250 000	20 000
- intermediate inputs	150 000
- forgone wages of owners in alternative employment	80 000
- interest on bank loan	10 000

TABLE 7-1

Refer to Table 7-1. To an accountant, this family-owned catering company is earning ________. To an economist, the same firm is earning ________.

▸ economic profits; economic losses

▸ zero profit; economic losses

▸ zero profit; normal profits

▸ positive profits; economic losses

▸ economic profits; economic profits

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