Question

what is the concept of cost?​

Answer 1

Explanation:

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In general terms, cost refers to an amount to be paid or given up for acquiring any resource or service. ... In economics, cost can be defined as a monetary valuation of efforts, material, resources, time and utilities consumed, risks incurred, and opportunity forgone in the production of a good or service

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Answer 2

Answer:

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It is a commonly accepted fact that physical inputs or resources are important for enhancing production. We, however, tend to miss out on the financial aspect of this rule. Some of the most important decisions pertaining to business often relate to the cost of production, instead of physical resources themselves. Hence, it is important for producers to understand cost analysis. Let’s understand the general concept of costs for that.

Browse more Topics under Laws Of Production

Producer’s Equilibrium

Concept of Costs

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

Incremental costs and Sunk costs

Private costs and Social costs

Fixed costs and Variable costs

Explanation:

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