Economy, asked by jdjdjdjsj6263, 10 months ago

Discuss in detail the different concepts of cost.

Answers

Answered by Anonymous
0

Answer:

In order to understand the general concept of costs, it is important to know the following types of costs: Accounting costs and Economic costs. Outlay costs and Opportunity costs. Direct/Traceable costs and Indirect/Untraceable costs.

Explanation:

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Answered by hotelcalifornia
0

Accounting Costs and Economic costs are the different concepts of costs.

What is the difference between accounting and economic costs?

Accounting Costs:

  • In this cost entrepreneur directly gives cash for production
  • Examples of this cost are- raw materials, wages of labor, and purchasing a land
  • These costs are maintained by chartered accountants in final statements

Economic Costs:

  • These costs include the investment of the entrepreneur
  • These costs help to calculate the profit above the normal profit
  • These costs are used by entrepreneurs to sell their service
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