In Defining Costs,economists Recognize

question 33

Multiple Choice

In defining costs,economists recognize:

• A) Explicit and implicit costs while accountants recognize only implicit costs.
• B) Explicit and implicit costs while accountants recognize only explicit costs.
• C) Only explicit costs while accountants recognize only implicit costs.
• D) Only explicit costs while accountants recognize explicit and implicit costs.

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Definitions:

Landscape Gardeners

Landscape gardeners specialize in designing, creating, and maintaining outdoor spaces, including gardens, parks, and other landscaped areas, blending artistic design with horticultural expertise.

Partnership Liability

The legal responsibility that partners in a business partnership have for the debts and obligations of the partnership.

Partnership Agreement

A legal document that outlines the rights, responsibilities, and profit and loss distribution among partners in a business partnership.

Business Profits

The financial gain that a business earns from its operations, after subtracting all expenses, overheads, and costs associated with its activities.