Economic Costs

A type of economic cost that involves actual monetary transactions for goods, and services.

• Explicit Cost
• Accounting Cost
• Opportunity Cost
• Implicit Cost

What are the 3 components of economic costs?

• Fixed Cost

• Variable Cost

• Monetary Cost

• Total Cost

It represents the total opportunity cost of choices made.

• Opportunity Cost

• Economic Cost

• Explicit Cost

• Marginal Cost

What is the formula to get the total costs?

• Total Cost = Fixed Cost - Variable Cost

• Total Cost = Fixed Cost x Variable Cost

• Total Cost = Fixed Cost + Variable Cost

• Total Cost = Fixed Cost / Variable Cost

These costs change as the quantity of goods or services produced changes.

• Variable costs
• Total costs
• Fixed costs
• Average costs

These factors directly impact the cost of materials, transportation, and distribution.

• Labor Market Conditions

• Environmental Factors

• Market Conditions

• Total Costs

These serve as a comprehensive lens through which decisions are evaluated and acted upon.

• Opportunity Cost

• Economic Cost

• Fixed Cost

• Econimic Cost

It represents the opportunity costs or the hidden, non-monetary sacrifices of a decision.

• Explicit Cost

• Fixed Cost

• Marginal Cost

• Implicit Cost

Advances in technology have a significant influence on economic costs.

• Economic Costs

• Global Events and Supply Chain Disruptions

• Technological Changes

• Environmental Factors

These expenses do not change with the quantity of goods or services produced.

• Monetary Cost

• Fixed Cost

• Fixed Variable Cost

• Economic Cost