Examlex
Stories with ____ will cause Design Checker errors.
Implicit Costs
The opportunity costs of using resources owned by the firm for its own production instead of earning revenue from these resources elsewhere.
Explicit Costs
These are the direct, out-of-pocket payments made by businesses for operational expenses like wages, rent, and materials.
Monetary Outlay
The amount of money spent on a particular transaction or investment.
Implicit Costs
The opportunity costs that arise when a company uses internal resources without a direct payment.
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