Please Define the Following Key Terms

question 108

Short Answer

Please define the following key terms
-secular constitution

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Definitions:

Capital

A resource, such as equipment or buildings, used to produce goods and services.

Implicit Costs

The opportunity costs that are not directly paid for or visibly incurred in financial transactions but represent real costs to economic actors.

Economic Costs

Economic costs include both the explicit costs of production, such as raw materials and wages, and implicit costs, such as opportunity costs.

Explicit Costs

Direct, out-of-pocket payments for resources employed in the production of goods or services.