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What would the framers of the Constitution think of the president's ability to commit U.S.military forces abroad?
Opportunity Costs
Opportunity costs represent the benefits a person or business misses out on when choosing one alternative over another.
Implicit Costs
The opportunity costs of using resources that a firm already owns, representing the income the firm foregoes by using those resources internally rather than renting or selling them.
Explicit Costs
Explicit costs are direct, out-of-pocket payments for resources or services needed for production, such as wages, rent, and materials; they're easily quantifiable and recorded.
Explicit Costs
Direct, out-of-pocket expenses incurred in conducting a business activity or making a decision.
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