Distinguish Between Implicit and Explicit Costs and Give Examples of Each.In

question 97

Essay

Distinguish between implicit and explicit costs and give examples of each.In addition,explain how explicit and implicit costs affect the distinction between economic profit and accounting profit.What explains the distinction between the two measures of profit?

Understand key retirement plans and their differences, including employer and personal retirement plans.

Recognize the special considerations and financial strategies for retirees, including expenses likely to increase or decrease.

Understand the federal laws and protections related to retirement planning.

Identify housing options and preferences for retirees.

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Definitions:

Higher-Order Conditioning

Occurs when a strong conditioned stimulus is paired with a neutral stimulus, causing the neutral stimulus to become a second conditioned stimulus.

Extinction

Within the field of psychology, the slow diminishment and ultimate vanishing of a learned response occurs when a conditioned stimulus is continuously shown without pairing it with the unconditioned stimulus.

Stimulus Generalization

The psychological phenomenon where a response conditioned to one stimulus is elicited by similar, but not identical, stimuli.

Conditioned Stimulus

A previously neutral stimulus that, after association with an unconditioned stimulus, triggers a conditioned response.