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:

Bicycle Helmet

A protective head covering designed specifically for cyclists to reduce the risk of head injury in the event of a fall or collision.

School-Aged Parents

Refers to individuals who become parents during their years in primary or secondary education.

Safety

The condition of being protected from or unlikely to cause danger, risk, or injury.

Decreased Vision

A reduction in the ability to see clearly, which can affect one or both eyes, ranging from slight to significant loss of vision.