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Effective communication plays an important role in:
Implicit Costs
The opportunity costs associated with a company's resources that are not directly paid out in cash but represent foregone alternatives.
Opportunity Costs
The cost of forgoing the next best alternative when making a decision.
Explicit Costs
Direct, out-of-pocket payments for goods or services used in the production of a product or service.
Production Costs
The total expenses incurred in the process of producing or manufacturing goods and services, including materials, labor, and overhead.
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