Question

define explicit cost?

Answer 1

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. ... Accounting profit only takes explicit costs into account.

Answer 2

An explicit cost is a direct payment made to others in the course of running a business such a wage rent and materials as opposed to implicit cost which are those know actual payment is made.....accounting profit only takes explicit cost into account.