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:

Orientalism

A framework of understanding and depicting cultural representations of the East by the West, marked by a broad sense of difference, exoticism, and superiority.

East-West Distinction

A geopolitical and cultural division historically separating oriental (Eastern) and occidental (Western) societies based on differing cultural, social, and economic characteristics.

Academic Field

A branch of knowledge that is studied or researched at the higher education level.

Biological Identity

The aspects of an individual's identity that are determined by physical and genetic characteristics.