I would interpret that economically in the following way: the cost to that particular producer is lower than other producers because their time spent producing

I would interpret that economically in the following way: the cost to that particular producer is lower than other producers because their time spent producing is partly leisure if they enjoy it. To the extent that they have a lower relative cost of production than others then it's their comparative advantage to be in that business and they will turn a nice hefty profit (economic profit that includes how much they enjoy their work, not necessarily an accounting profit).