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.

Acknowledge the influence of cultural differences on perception and behavior.

Identify factors influencing perceptual selection including external and internal factors.

Recognize the impacts of perceptual biases and errors such as the fundamental attribution error.

Realize the importance and effects of attribution on personal and organizational level.