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:

Stages

Describes the distinct phases or periods within a process or life cycle, where each stage has its own characteristics and requirements.

Terminally Ill

A description of a person who has a disease that cannot be cured and is expected to lead to their death.

Universality

The concept that certain ideas, values, or practices are universally applicable or resonate across different cultures and human experiences.

Kubler-Ross Model

A framework that outlines the five stages of grief people go through: denial, anger, bargaining, depression, and acceptance.