(Answer #1). Economic cost is a more comprehensive idea that accounting costs. Accounting costs only include what economists call explicit costs.. These are the amounts that a firm actually pays out to other people in the process of producing their product.ence, the difference between the economic cost and accounting cost is that the economic cost comprises the opportunity cost, while the accounting cost does not. Although the accounting costs are very important to company owners, the economists are mainly focused on economic costs rather than accounting costs.