Distinguish Between Implicit and Explicit Costs and Give Examples of Each.In

question 97

Essay

Distinguish between implicit and explicit costs and give examples of each.In addition,explain how explicit and implicit costs affect the distinction between economic profit and accounting profit.What explains the distinction between the two measures of profit?

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Definitions:

Authoritarian

Describing a governing system in which power is concentrated in the hands of a leader or a small elite that is not constitutionally responsible to the body of the people.

Low Self-Efficacy

A belief in one's inability to successfully execute the behaviors required to produce desired outcomes.

High Self-Efficacy

A strong belief in one's own ability to achieve goals and complete tasks effectively.

Incongruence

The mismatch or disparity between one's self-perception and actual experience or reality.