Examlex
Identify at least three of the primary leadership approaches. Choose one and explain the thinking behind it. Then name as many leadership skills as you can.
Implicit Cost
A cost that does not require the outlay of money; it is measured by the value, in dollar terms, of forgone benefits.
Explicit Cost
A cost that requires an outlay of money.
Economic Profit
Revenue minus the opportunity cost of resources used; usually less than the accounting profit.
Accounting Profit
Revenue minus explicit cost.
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