Examlex
Economic integration of trade blocs includes all of the following except:
Explicit Costs
Direct, out-of-pocket expenses incurred by a firm or individual for business operations or activities.
Accounting Profits
The financial gain calculated by subtracting total explicit costs from total revenues, using generally accepted accounting principles.
Economic Profits
Profits calculated by subtracting both explicit and implicit costs from total revenues; also known as supernormal profits.
Implicit Costs
Costs that represent the opportunity costs of using resources owned by the firm for its own production rather than selling those resources.
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