Implicit Costs What Are They, Vs Explicit Costs
Professionals call implicit costs implied, notional, or imputed costs too. A business may not document implicit costs for accounting reasons since funds are not directly exchanged. Additionally, implicit costs may represent a potential loss of income but not always profit. Implicit costs lurk in the shadows of our daily decisions, often overlooked but wielding a subtle influence on our lives. These covert expenses, though not explicitly incurred in monetary terms, play a significant role in shap
