Data About How Consumers Use Everyday Products Is Likely to Increasingly

question 14

True/False

Data about how consumers use everyday products is likely to increasingly be communicated through the Internet of Things.

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Definitions:

Implicit Costs

The opportunity costs that are not directly paid for or visibly incurred in financial transactions but represent real costs to economic actors.

Economic Costs

Economic costs include both the explicit costs of production, such as raw materials and wages, and implicit costs, such as opportunity costs.

Explicit Costs

Direct, out-of-pocket payments for resources employed in the production of goods or services.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own operations, without direct payment but with foregone opportunities.