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Suppose that Chris and David are both happily married, but that Chris tends to look at other women-attractive single women who are potential alternative prospects-when he is out on the town at bars and clubs. Does this mean that Chris's marriage is less likely to last than David's?
Capital
A resource, such as equipment or buildings, used to produce goods and services.
Implicit Costs
The opportunity costs that are not directly paid for or visibly incurred in financial transactions but represent real costs to economic actors.
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.
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