Examlex
Compare and contrast the relationships a firm may have with market and non-market stakeholders.
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.
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.
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