what are examples accounting costs and economic costs? personal and/or work experiences/examples

Question

Question

what are examples accounting costs and economic costs? personal and/or work experiences/examples

Answer 1

Answer #1

The examples of accounting costs are the explicit cost such as:-

wages paid to workers

rent of the factory

salary given to workers

supplies cost

The example of the economic costs includes all of the above plus implicit costs such as:-

the salary given up from work when starting one's own business

lease amount of the building when not using it

Answer 2

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