Explain the Difference Between an Implicit Cost and an Explicit

question 37

Essay

Explain the difference between an implicit cost and an explicit cost,and explain how both costs relate to economic profits and profits as computed by accountants.

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Definitions:

Directive Leadership

A leadership style characterized by providing clear, explicit instructions and expecting compliance from subordinates.

Participating

In a management context, a leadership style characterized by sharing decision-making responsibilities with team members, promoting a sense of ownership and involvement.

Telling

The act of giving explicit instructions or information, often within an educational or managerial context to guide actions or decision-making.

Selling

The act of persuading someone to buy a product or service, typically involving identifying customer needs and demonstrating how a product meets them.