What Is the Difference Between Explicit Costs and Implicit Costs

question 259

Essay

What is the difference between explicit costs and implicit costs? List three examples each of explicit costs and implicit costs that may be experienced by a small business.

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Definitions:

Older Adult

Describes an individual who is in the later stage of their life, typically considered to be ages 65 and above.

Fear Of Crime

A psychological phenomenon where individuals experience emotional and psychological distress due to the perceived risk of becoming a victim of crime.

Violent Crime

Criminal activities that involve the use or threat of physical force against individuals, including actions like assault, robbery, and homicide.

Elder Abuse

The maltreatment or exploitation of older individuals, encompassing physical, emotional, financial abuse, or neglect.