Question

The value of an entrepreneur’s resources that he/she uses in production are known as

Answer 1

Answer:

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Explanation:

Answer 2

The value of an entrepreneur’s resources that he/she uses in production are known as implicit costs.

Explanation:

• Any cost that has already occurred but has not been shown or documented as a distinct item is considered an implicit cost. It is an opportunity cost that occurs when a corporation employs internal resources on a project with no clear reimbursement for the usage of resources.
• The loss of interest revenue on money and the depreciation of capital project gear is a good example of implicit costs.