Examlex
The costs incurred beyond the split-off point are called
Economic Costs
The sum of explicit and implicit costs which represent the total opportunity costs of resource utilization in the production of goods or services.
Opportunity Costs
The loss of potential gain from other alternatives when one alternative is chosen.
Explicit Costs
Direct, out-of-pocket payments for expenses incurred in conducting business, such as wages, rent, and materials.
Implicit Costs
The opportunity costs that are not directly paid for or incurred in transactions but represent real costs to a business.
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