What Is the Difference Between Explicit Costs and Implicit Costs

question 259

Essay

What is the difference between explicit costs and implicit costs? List three examples each of explicit costs and implicit costs that may be experienced by a small business.

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Definitions:

Emotional Competence

The capacity to effectively perceive, express, understand, and manage emotions in oneself and in others.

Policy Manuals

Documents that outline the protocols, rules, and guidelines to be followed within an organization.

Operations Manuals

Comprehensive documents that provide detailed instructions on how to perform operations or tasks within an organization effectively.

Memorandums

Written communications used within an organization to convey information, directives, or official policies.