Examlex
The UML notation for the "includes" relationship is a(n) _______.
Implicit Costs
Implicit costs, also known as imputed or opportunity costs, are the costs of resources owned by the firm that are used in its own production process.
Explicit Costs
Direct, out-of-pocket payments for wages, rent, materials, and other inputs in the production process.
Opportunity Costs
The value of the best alternative foregone when a decision is made to pursue a particular action, essentially the cost of choosing one option over another.
Implicit Costs
The opportunity costs of using resources owned by the firm for its own production, instead of earning income elsewhere.
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