what is economic losses?

Answer 1

Economics allocates resources to competing uses which forces choice. The possession of a higher quantity and quality of resources is the power to realize more valuable choices. Injury, virtually by definition, is a reduction in the quantity or quality of resources possessed by the injured party. Therefore, injury constitutes economic loss.

Answer 2

Economic losses are accounting losses plus opportunity costs. (meaning both monetary value and opportunity cost values)

e.g.
option 1: KFC next door
option 2: Macdonalds 8 blocks down the street

You picked MacDonalds means you lose the money you need to make your purchase + the time and energy it took you to walk 8 blocks = economic loss. Accounting loss would just be the monetary value