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In order to study brain areas associated with memory, Thomas devises a poem that involves memories from his own life. This is an example of _____.
Economic Costs
Economic costs include both the explicit costs of production, such as raw materials and wages, and implicit costs, such as opportunity costs.
Explicit Costs
Direct, out-of-pocket payments for resources employed in the production of goods or services.
Implicit Costs
The opportunity costs of using resources owned by the firm for its own operations, without direct payment but with foregone opportunities.
Explicit Costs
Direct, out-of-pocket payments for wages, rent, and materials, among others, involved in the production of goods or services.
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