Explicit Costs

question 18

Multiple Choice

Explicit costs

• A) Include only payments to entrepreneurship.
• B) Are the sum of actual monetary payments made for resources used to produce a good.
• C) Include the market value of all resources used to produce a good.
• D) Are the total opportunity costs of resources used to produce a good.

---

Definitions:

Job Enrichment

Increasing job depth by adding work planning and evaluating duties normally performed by the supervisor.

Knowledge, Skills, Abilities

A combination of theoretical understandings, practical proficiencies, and innate capabilities required for effective performance in tasks or jobs.

Enriched Jobs

Design of jobs to include a greater variety of work content, higher level of responsibility, and the opportunity for workers' growth and autonomy.

Lower-Order Needs

Physiological, safety, and social needs in Maslow’s hierarchy.