Economic Cost

question 83

Multiple Choice

Economic cost

• A)Includes both implicit and explicit costs.
• B)Is the sum of actual monetary payments made for resources used to produce a good.
• C)Includes only implicit costs.
• D)Decreases as the level of production increases.

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Definitions:

Advance in Technology

Advance in technology refers to the progressive development and innovation in technology that leads to more efficient processes, products, and services.

Human Capital

The economic value of an individual's skills, knowledge, and experience, considered in terms of the ability to perform labor to produce economic value.

Economic Cost

The total cost of choosing one action over another, including both explicit and implicit costs.