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Opportunity Costs
The cost of an alternative that must be forgone to pursue a certain action, representing the benefits that could have been received by taking an alternative action.
Economic Costs
The total cost of choosing one action over another, including both explicit costs (direct payment) and implicit costs (opportunity costs).
Accounting Costs
Accounting costs, also known as explicit costs, refer to actual expenditures incurred by a business.
Accountant's Fees
These are charges for services provided by an accountant, such as bookkeeping, financial analysis, and preparation of financial statements and tax returns.
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