An Example of an Implicit Cost Is the Foregone Income

question 142

True/False

An example of an implicit cost is the foregone income that a business owner-manager could have earned working for someone else.

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Definitions:

Marketing Action

Specific tasks undertaken by a company to promote and sell its products or services to its target market.

Environmental Force

External factors such as political, economic, social, technological, legal, and environmental influences that can affect an organization's success.

Causal

Relating to or acting as a cause; implying a relationship where one factor or event is responsible for triggering another factor or consequence.

Data Warehouse

A central repository for storing, managing, and analyzing large volumes of data from various sources.