The Overall Effect of Participation in Extracurricular Activities

question 46

Multiple Choice

The overall effect of participation in extracurricular activities

• A)is positive in all areas.
• B)is positive when teens participate in a variety of activities.
• C)is positive only when teens focus on one extracurricular activity.
• D)Is almost always negative because it takes time away from academics.

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Definitions:

Implicit Costs

The opportunity costs of using resources owned by the firm for its operations instead of renting, selling, or utilizing them in other ways.

Implicit Costs

The opportunity costs of using resources that a firm already owns, typically non-out-of-pocket costs.

Explicit Costs

Direct, out-of-pocket payments for goods or services used in production, such as wages or rent.

Accounting Profit

The financial gain calculated by subtracting total explicit costs from total revenue, not considering implicit costs.