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-{0, 9, 11, 14} ___ {9, 11, 14, 15, 16, 17}
Implicit Costs
Costs that represent foregone opportunities, such as the income a business owner forgoes by investing in their own company instead of elsewhere.
Explicit Costs
Directly incurred expenses in the operation of a business, such as wages, rent, and material costs, which are clearly accounted for and easy to identify.
Opportunity Costs
The potential benefits missed out on when choosing one alternative over another.
Explicit Costs
Direct, out-of-pocket payments for goods or services that are made by a business as part of its operations.
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