I. ECONOMIC COSTS Economic Costs are Opportunity Costs Explicit Costs –Resource payments like rent, labor, trucks, vendors, fuel Implicit Costs –self-owned.
AP Micro Review - Theory of the Firm
The Costs of Production 22 C H A P T E R Costs exist because resources Are scarce Productive Have alternative uses Use of a resource in a specific use.
The Costs of Production 1 22 C H A P T E R Costs exist because resources Are scarce Productive Have alternative uses Use of a resource in a specific.
