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Different betweenImplicit Cost, and explicit cost

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Different betweenImplicit Cost, and explicit cost

    • Posted by Rajat Kumar 7 years, 5 months ago

    CBSE > Class 12 > Economics
    • 1 answers

    Moumita Saha 7 years, 5 months ago

    In Explicit cost the payment need to be made and in Iplicit cost the payment that need to pay,not required. For example of explicit cost like -land(rent),workers(wages),enterprenuer(profit),etc and implicit cost like-the owner of our own house where no rent need to be paid.

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