What is the primary difference between accounting profits and economic profits? 1. Economic profits require the exchange of money; accounting profits do not. 2. Accounting profits ignore implicit costs; economic profits consider them. 3. Accounting profits only occur when money is made; economic profits can occur when money is lost. 4. Economic profits focus on money; accounting profits focus on all types of capital. Russ owns a fried chicken stand that operates at the local beach. In calculating how much he earns from his business, Russ notices a difference between his economic and accounting profits. Why would Russ' economic profits differ from his accounting profits?