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One of the most essential infant products a parent can get is
Implicit Costs
The opportunity costs of resources that are owned by the firm and used in production, not involving direct payment of money but affecting the firm's profitability.
Explicit Costs
Direct payments made to others in the course of running a business, such as wages, rent, and materials.
Accounting Profits
The net earnings of a company as calculated by subtracting total expenses from gross revenue, according to accepted accounting principles.
Economic Profit
The difference between a firm's total revenue and its total costs, including both explicit and implicit costs, reflecting the financial gain exceeding the opportunity cost of resources used.
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