What are the difference between explicit cost and implicit, Ask an Expert

Economics

What are the difference between explicit cost and implicit cost?

Both are concerns to Opportunity Cost and Decisions:

An explicit cost is a cost which involves essentially laying out money.

An implicit cost does not needs an outlay of money; this is measured through the value, into dollar terms, of the advantages which are forgone.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9581491

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