Examlex
Consider a small family wheat farm. List some examples of implicit costs of farming.
Accumulated Depreciation
The cumulative depreciation of an asset up to a single point in its life.
Sunk Cost
A cost that has already been incurred and cannot be recovered, which should not influence future business decisions.
Useful Life
The length of service of a long-lived asset.
Sell or Process Further
a decision-making process regarding whether it is more profitable to sell a product as is or to process it further.
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