Implicit Costs

question 53

Multiple Choice

Implicit costs

• A)Include only payments to workers and lenders.
• B)Represent actual monetary payments made for resources used to produce a good such as oil.
• C)Are the costs to produce a good or service for which no direct payment is made.

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Definitions:

Schwartz's Model

A theory of human values that identifies ten broad motivational types of values, showing how they are related and influence individual behavior.

Distributive Justice

Refers to perceptions of fairness in the allocation of resources and outcomes within social and organizational contexts.

Goal-Directed

Activities or behaviors that are initiated with the intention of achieving a specific objective or outcome.

Ethical Codes Of Conduct

Principles and standards that guide behavior in the workplace, promoting integrity and responsibility.