Examlex
Which of the following are associated with terrorism?
Explicit Costs
Costs that involve direct monetary payment by a firm for the resources needed in production, such as wages and materials.
Implicit Costs
The opportunity costs of utilizing resources owned by the company for its operations instead of other purposes.
Accounting Profit
The financial gain calculated by subtracting total explicit costs from total revenues, excluding the consideration of implicit costs or opportunity costs.
Economic Profit
The gap between a company's total earnings and its combined explicit and implicit expenses.
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