What Is the Difference Between Explicit Costs and Implicit Costs

question 259

Essay

What is the difference between explicit costs and implicit costs? List three examples each of explicit costs and implicit costs that may be experienced by a small business.

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Definitions:

Mean Length Of Utterance

A measure used in language development research of children, calculating the average number of morphemes (units of meaning) used in their sentences.

MLU

Mean Length of Utterance, a measure used in linguistics to calculate and analyze the complexity of children's language development by averaging the length of their spoken statements.

Chronological Age

The exact age of an individual as measured in years from the date of birth.

Morpheme

The smallest grammatical unit in a language that carries semantic meaning.