Examlex
According to __________ theory, when given challenging problems, children try out various strategies and observe which work best, which work less well, and which are ineffective.
Explicit Costs
Directly incurred expenses in the operation of a business, such as wages, rent, and material costs, which are clearly accounted for and easy to identify.
Opportunity Costs
The potential benefits missed out on when choosing one alternative over another.
Explicit Costs
Direct, out-of-pocket payments for goods or services that are made by a business as part of its operations.
Total Economic Costs
The sum of all costs associated with the production of a good or service, including both explicit (direct) costs and implicit (indirect or opportunity) costs.
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