Examlex
Which of these can be generally defined as our awareness of our environments and ourselves?
Explicit Costs
Direct, out-of-pocket payments for inputs or resources employed in the production of goods or services.
Total Cost
The aggregate amount of expenses incurred by a business in producing goods or services, including both fixed and variable costs.
Economic Profit
The variance between gross receipts and all outlays, including both tangible and intangible costs.
Accounting Profit
The total revenue of a business minus the explicit costs of operating, not including opportunity costs.
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