Examlex
Although companies send routine letters to suppliers, government agencies, and other businesses, the most important letters go to customers.
Opportunity Costs
The potential benefits missed out on when choosing one alternative over another.
Explicit Costs
Direct, out-of-pocket payments for goods or services that are made by a business as part of its operations.
Total Economic Costs
The sum of all costs associated with the production of a good or service, including both explicit (direct) costs and implicit (indirect or opportunity) costs.
Implicit Cost
The opportunity costs of using resources that a firm already owns to make its products, as opposed to renting, selling, or using them in another way.
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