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In economics, an implicit cost, also called an imputed cost, implied cost, or notional cost, is the opportunity cost equal to what a firm must give up in order to use a factor of production for which it already owns and thus does not pay rent. It is the opposite of an explicit cost, which is borne directly. [1]
It is equal to total revenue minus total cost, including both explicit and implicit costs. [2] It is different from accounting profit, which only relates to the explicit costs that appear on a firm's financial statements. An accountant measures the firm's accounting profit as the firm's total revenue minus only the firm's explicit costs.
For some, abstract labour is an economic category which applies only to the capitalist mode of production, [19] i.e. it applies only, when human labour power or work-capacity is universally treated as a commodity with a certain monetary cost or earnings potential. [20]
The cost can comprise any of the factors of production (including labor, capital, or land) and taxation. The theory makes the most sense under assumptions of constant returns to scale and the existence of just one non-produced factor of production. With these assumptions, minimal price theorem, a dual version of the so-called non-substitution ...
Trump said he also wants to impose an additional 10% tariff on all products from China — on top of existing tariffs. The tariffs would be implemented via executive order and do not necessitate ...
the private or enterprise production price which forms the starting-point of the analysis in the first chapter. This price equals the cost-price and normal profit on production capital invested which applies to the new output of a specific enterprise when this output is sold by the enterprise (the "individual production price" [32]). The rate ...
The shooting appeared random at first, but police eventually unspooled a strange plot involving Li's ex-wife and a bitter custody dispute over their son, Arik, who has severe disabilities stemming ...
New York Magazine cited witnesses in an August article who said the brothers often spoke of "running a train," slang for the act of gang rape, when they were in school.