Examlex
Why does Saturn radiate even more excess energy than Jupiter?
Implicit Costs
The opportunity costs of using resources owned by the firm for its own use, rather than selling them for a profit elsewhere.
Economic Costs
The total value of all resources used in the production of goods or services, including both explicit and implicit costs.
Opportunity Costs
The potential benefits an individual, investor, or business misses out on when choosing one alternative over another.
Accounting Profit
The difference between total revenue and explicit costs, indicating the financial gain recorded in the books of accounts.
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