Examlex
__________ is the overall output of goods or services produced divided by the inputs needed to generate that output.
Explicit Costs
Dollar costs incurred by business firms, such as wages, rent, and interest.
Implicit Costs
The opportunity costs that are not directly incurred but represent the loss of alternative benefits when choosing one option over another.
Explicit Costs
Direct, out-of-pocket payments for goods and services required to run a business.
Accounting Profit
Sales minus explicit cost. Implicit costs are not considered.
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