Distinguish between accounting cost and economic cost any five
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Accounting costs, on the other hand, are based on explicit costs incurred by the business. Explicit costs are costs incurred in normal market transactions. For instance, wages paid to workers are an explicit cost. ...Economic costs include "implicit costs," which are the same as opportunity costs.
Accounting costs, on the other hand, are based on explicit costs incurred by the business. Explicit costs are costs incurred in normal market transactions. For instance, wages paid to workers are an explicit cost. ...Economic costs include "implicit costs," which are the same as opportunity costs.
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