Economic Costs Include Implicit Costs but Not Explicit Costs

question 49

True/False

Economic costs include implicit costs but not explicit costs.

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Definitions:

Extrinsic Motivations

Driving factors for behavior that come from external rewards, such as money or praise, rather than from internal satisfaction.

Goals

objectives or desired outcomes that an individual or organization aims to achieve through effort and planning.

Self-Determination Theory

A psychological framework suggesting that people are motivated to grow and change by three innate and universal psychological needs: autonomy, competence, and relatedness.

Intrinsic Motivations

The drive to engage in activities for the inherent satisfaction or pleasure derived from the activity itself, rather than for some separable consequence.