Key Terms Instructions: Please Define the Following Key Terms

question 42

Essay

Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
Inductive Approach

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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.