Examlex
Apache OpenOffice is an example of _________.
A)Graphics software
B)Word processing software
C)Virtualization software
D)DVD authoring software
Wages Forgone
The potential earnings that are lost or given up by choosing one alternative over another, often considered in decisions about education or training.
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.
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