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When criminological researchers refer to the "causes" of crime and delinquency, what do they mean? Explain why "cause" is the appropriate term to use or why it is not an appropriate term. What would be another term that could be used instead of "cause"?
Implicit Costs
Indirect, non-out-of-pocket expenses which represent the opportunity costs of using resources owned by the firm for its operations.
Accounting Profit
The difference between total revenue and explicit costs.
Economic Profit
The difference between total revenue and total costs, including explicit and implicit costs.
Implicit Costs
The opportunity costs of using resources that a firm already owns to produce goods or services instead of earning money from these resources elsewhere.
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