Explicit cost and Implicit cost

Shortcuts: Differences, Similarities, Jaccard Similarity Coefficient, References.

Difference between Explicit cost and Implicit cost

Explicit cost vs. Implicit cost

An explicit cost is a direct payment made to others in the course of running a business, such as wage, rent and materials, as opposed to implicit costs, which are those where no actual payment is made. 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.

Similarities between Explicit cost and Implicit cost

Explicit cost and Implicit cost have 2 things in common (in Unionpedia): Profit (accounting), Profit (economics).

Profit (accounting)

Profit, in accounting, is an income distributed to the owner in a profitable market production process (business).

Explicit cost and Profit (accounting) · Implicit cost and Profit (accounting) · See more »

Profit (economics)

In economics, profit in the accounting sense of the excess of revenue over cost is the sum of two components: normal profit and economic profit.

Explicit cost and Profit (economics) · Implicit cost and Profit (economics) · See more »

The list above answers the following questions

What Explicit cost and Implicit cost have in common
What are the similarities between Explicit cost and Implicit cost

Explicit cost and Implicit cost Comparison

Explicit cost has 3 relations, while Implicit cost has 11. As they have in common 2, the Jaccard index is 14.29% = 2 / (3 + 11).

References

This article shows the relationship between Explicit cost and Implicit cost. To access each article from which the information was extracted, please visit:

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