Instructions: Identify the Following

question 63

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Nineteenth Amendment

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Definitions:

Implicit Costs

Indirect, non-monetary expenses involved in pursuing an activity or decision, often reflected as the opportunity cost of using resources.

Explicit Costs

Cash disbursements to external parties for the operation costs of a business, like employee salaries, rental expenses, and raw materials.

Explicit Cost

The monetary payment made by a firm to an outsider to obtain a resource.

Accounting Profits

The net income a company has after subtracting all costs and expenses from total revenue, as recognized in financial statements.