What Is the Difference Between Explicit and Implicit Costs

question 222

Essay

What is the difference between explicit and implicit costs?

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Definitions:

Intake Session

An initial meeting, often in therapy or counseling settings, aimed at assessing a client's needs and establishing a plan of action.

Peer Monitoring

The process of observing peers' activities or performance, often in a professional or educational setting, to ensure standards are met and to provide feedback.

Informal

Characterizing interactions or activities that are casual, unstructured, and not governed by formal rules, often marked by a relaxed atmosphere.

Consultation Group

A gathering of professionals who come together to discuss, advise, and support one another on matters related to their field of expertise.