Explain the Concepts of Explicit Costs and Implicit Costs

question 8

Essay

Explain the concepts of explicit costs and implicit costs.Why do economists include implicit costs in their calculation of profits?

Comprehend the meaning and scope of social media.

Recognize the key effects and components of social media engagement.

Grasp the concept of network effects in social media.

Understand the objectives and applicability of the 4E framework for social media.

---

Definitions:

Consenting Individuals

Persons who have given permission for something, especially in a legal or formal context.

Ideal Conditions

Circumstances or situations that are considered perfect or optimal for a certain process or experiment to occur.

Efficiency

The extent to which a process or intervention produces a desired effect or outcome with a minimum amount of waste, expense, or unnecessary effort.

Beneficial Result

A positive outcome or effect that contributes to the well-being or improvement of a situation or condition.