Daily Archives: November 23, 2018


What is Implicit Cost

IMPLICIT COST The opportunity cost totally resembles with the implicit cost. The opportunity cost is equal to what a firm give up in order to use the factor of production which is already existed into the business thus the company ...

What is Explicit Cost

EXPLICIT COST The explicit cost represents the outflow of money from the business that reduced the profit of the business. The useful practices of the explicit costs including the various expenses such as wages, expenses, rent or payment of lease ...