A ____________________ Is a Worksheet That Appears with the Chart

question 34

Short Answer

A ____________________ is a worksheet that appears with the chart and has the numbers for the chart.

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Definitions:

Implicit Costs

The opportunity costs that are not directly paid for or visibly incurred in financial transactions but represent real costs to economic actors.

Economic Costs

Economic costs include both the explicit costs of production, such as raw materials and wages, and implicit costs, such as opportunity costs.

Explicit Costs

Direct, out-of-pocket payments for resources employed in the production of goods or services.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own operations, without direct payment but with foregone opportunities.