Examlex
Which of the following is the best example of a people-based service?
Explicit Costs
Direct, out-of-pocket payments for resources or services used in the production of goods or services.
Implicit Costs
Denotes the opportunity costs of utilizing resources owned by the firm for its operations, instead of allocating them elsewhere to earn a return.
Total Cost
The sum of all expenses incurred in the production of goods or services, including both fixed and variable costs.
Accounting Profit
The difference between total revenue and explicit costs of a business.
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