Distinguish between explicit costs and implicit costs
Explicit costs are direct costs incurred by the firm during production process e.g. costs of labour, raw materials, power, water etc. whereas implicit costs are indirect costs or overhead costs incurred by the producer during the production process such as quality control costs, insurance, depreciation, the foregone income that a business owner-manager could have earned working for someone else, accounting and legal expenses, administrative salaries, office expenses, rent, security expenses, telephone expenses, and utilities
CATEGORIES Economics
TAGS Dr. Bbosa Science
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