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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 ...
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]
Governmental responses to the COVID-19 epidemic have resulted in considerable economic and social consequences, both implicit and apparent. Explicit costs are the expenses that the government incurred directly as a result of the pandemic which included $4.5 billion dollars on medical bills, vaccine distribution of over $17 billion dollars, and ...
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])
The cost of a distortion is usually measured as the amount that would have to be paid to the people affected by its supply, the greater the excess burden. The second is the tax rate: as a general rule, the excess burden of a tax increases with the square of the tax rate. [citation needed]
Fiscal sociology is the sociology of public finance, particularly tax policy. As a field, it seeks to explore the relationship that taxation constitutes between citizens and the state , including the cultural and historical factors that determine compliance with taxation. [ 1 ]
In her economic plan, Harris has proposed raising the top-line tax rate to 39.6 percent for single filers who make above $400,000 and joint filers who earn more than $450,000. Currently, the top ...
In accounting, there is a different technical concept of cost, which excludes implicit opportunity costs. In common usage, as in accounting usage, cost typically does not refer to implicit costs and instead only refers to direct monetary costs. The economics term profit relies on the economic meaning of the term for cost.