Asked by Austin Bogle on Apr 29, 2024
Verified
Consider a small family wheat farm. List some examples of explicit costs of farming.
Explicit Costs
Payments made directly to individuals or entities in the operation of a business, including salaries, rental fees, and costs of materials.
- Differentiate between the concepts of explicit and implicit costs within the realm of economics and accounting gains.
Verified Answer
FB
Fatima BashirMay 06, 2024
Final Answer :
seeds, fertilizer, pesticide, fuel for machinery, machinery, hired help (if applicable), crop insurance
Learning Objectives
- Differentiate between the concepts of explicit and implicit costs within the realm of economics and accounting gains.