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An explicit cost is a direct payment made to others in the course of running a business, such as wage, rent and materials, [1] as opposed to implicit costs, where no actual payment is made. [2] It is possible still to underestimate these costs, however: for example, pension contributions and other "perks" must be taken into account when ...
Grounded practical theory, metacommunicative model of communication, practical discipline of communication Robert T. Craig (born May 10, 1947) is an American communication theorist from the University of Colorado, Boulder who received his BA in Speech at the University of Wisconsin–Madison , and his MA and PhD in communication from Michigan ...
In game theory, cheap talk is communication between players that does not directly affect the payoffs of the game. Providing and receiving information is free. This is in contrast to signalling, in which sending certain messages may be costly for the sender depending on the state of the world.
Economic cost is the combination of losses of any goods that have a value attached to them by any one individual. [1] [2] Economic cost is used mainly by economists as means to compare the prudence of one course of action with that of another. The comparison includes the gains and losses precluded by taking a course of action as well as those ...
In economics, profit is the difference between revenue that an economic entity has received from its outputs and total costs of its inputs, also known as surplus value. [1] It is equal to total revenue minus total cost, including both explicit and implicit costs.
Message design logic is a communication theory that makes the claim that individuals possess implicit theories of communication within themselves, called message design logics. [1] Referred to as a “theory of theories,” Message Design Logic offers three different fundamental premises in reasoning about communication . [ 2 ]
George Gerbner, the founder of the cultivation theory, expanded Lasswell's model in 1956 to focus "attention on perception and reaction by the perceiver and the consequences of the communication". [19] Laswell's 5W model of communication was expanded by Richard Braddock into a 7W model in his 1958 paper "An Extension of Lasswell's Formula".