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What are the difference between explicit cost and implicit cost?
Both are concerns to Opportunity Cost and Decisions:
An explicit cost is a cost which involves essentially laying out money.
An implicit cost does not needs an outlay of money; this is measured through the value, into dollar terms, of the advantages which are forgone.
Determine the example of Currency inside banks is not money An example may also illustrate this important fact: Eric has 100 euro - this amount is obviously part of the
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