Examlex
Represent the following base 10 number in expanded form. 30,505
Explicit Costs
Direct, out-of-pocket payments for expenses incurred in conducting business, such as wages and materials.
Nonexpenditure Costs
Costs not directly involving monetary payment but may include time, effort, or loss of opportunity.
Economic Cost
A payment that must be made to obtain and retain the services of a resource; the income a firm must provide to a resource supplier to attract the resource away from an alternative use; equal to the quantity of other products that cannot be produced when resources are instead used to make a particular product.
Contractual Obligation
A legal requirement that a party must adhere to as stipulated in a contract, enforceable by law.
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