Examlex
The following is an excerpt from a spectrum taken on an unknown sample. To which of the following functional groups might the unknown belong?
Implicit Costs
The opportunity costs of using resources that a company already owns, essentially the income the company could have earned by using these resources in another way.
Explicit Costs
Direct, out-of-pocket payments for expenses incurred in conducting business, such as wages and materials.
Nonexpenditure Costs
Costs not directly involving monetary payment but may include time, effort, or loss of opportunity.
Economic Cost
A payment that must be made to obtain and retain the services of a resource; the income a firm must provide to a resource supplier to attract the resource away from an alternative use; equal to the quantity of other products that cannot be produced when resources are instead used to make a particular product.
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