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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 ...
The comparison includes the gains and losses precluded by taking a course of action as well as those of the course taken itself. Economic cost differs from accounting cost because it includes opportunity cost. [3] [2] [4] (Some sources refer to accounting cost as explicit cost and opportunity cost as implicit cost. [2] [4])
It is different from accounting profit, which only relates to the explicit costs that appear on a firm's financial statements. An accountant measures the firm's accounting profit as the firm's total revenue minus only the firm's explicit costs. An economist includes all costs, both explicit and implicit costs, when analyzing a firm. Therefore ...
In economics, an implicit cost, also called an imputed cost, implied cost, or notional cost, is the opportunity cost equal to what a firm must give up in order to use a factor of production for which it already owns and thus does not pay rent. It is the opposite of an explicit cost, which is borne directly. [1]
Explicit costs are the direct costs of an action (business operating costs or expenses), executed through either a cash transaction or a physical transfer of resources. [4] In other words, explicit opportunity costs are the out-of-pocket costs of a firm, that are easily identifiable. [ 5 ]
of unhealthy foods, can affect food consumption without the consumer making an explicit choice about whether or how much to eat (Brian Wansink 2006). Most of this research has emphasized the effects on quantity of food eaten (James E. Painter et al. 2002) or on decisions between
Pages in category "Costs" The following 99 pages are in this category, out of 99 total. ... Explicit cost; F. Fixed cost; Flyaway cost; Foundations of Economic Analysis;
The cost from the clock? Usually 12 hours or more. Victor Protasio; Food Stylist: Chelsea Zimmer; Prop Stylist: Christina Brockman. Bûche de Noël.