The Difference Between Explicit Costs and Implicit Costs

question 355

Multiple Choice

The difference between explicit costs and implicit costs

• A) is that explicit costs are opportunity costs while implicit costs are not.
• B) is that implicit costs are opportunity costs while explicit costs are not.
• C) is that explicit costs are short-run costs and implicit costs are long-run costs.
• D) is that explicit costs involve resources that are purchased and implicit costs involve resources the firm already owns.

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Definitions:

NASW Code of Ethics

A set of guidelines and principles designed to direct the professional conduct of social workers, established by the National Association of Social Workers.

Ethical Responsibility

A principle that obligates individuals and organizations to follow moral codes and conduct within their professional and personal actions.

Mezzo Levels

A term used in social work and related fields to refer to interventions and practices targeted at small-to-medium-sized groups, such as neighborhoods or communities.

Macro Levels

Macro levels refer to the large-scale structures and processes in society, including cultural norms, economic systems, and political organizations, affecting groups and entire societies.