Describe the Three Parts of Compensation

question 83

Essay

Describe the three parts of compensation.

Distinguish between explicit and implicit costs and their relevance to economic and accounting profits.

Explain the impact of diminishing marginal product on cost curves.

Identify the components of total costs in production.

Understand the concept of opportunity costs and their role in decision-making.

---

Definitions:

Active Response

Engaging directly and promptly with communication or stimuli, suggesting a dynamic and participatory approach.

Active Listening

The practice of fully concentrating on what is being said, understanding the message, responding appropriately, and remembering the conversation.

Mirroring

The act of imitating or replicating another person's behavior, gesture, or speech.

Feeding Back

Providing evaluative or corrective information about an action, event, or process to the original source.