input costs that require an outlay of money by the firm. (Source: Mankiw, N. G., 2012. Principles of Economics. 6th ed.
s.l.:South-Western Cengage Learning. P. 261).
Payment to nonowners of a firm for their resources. (Source: Tucker, I. B., 2009. Essentials of Economics. 6th ed. s.l.:SouthWestern Cengage Learning. p. 109)
E.g. Money actually paid out for the use of inputs (wage, rent, etc.)
Implicit cost
Input cost that do not require an outlay of money by the firm. (Source: Mankiw, N. G., 2012. Principles of Economics. 6th ed.
s.l.:South-Western Cengage Learning. P. 261).
The opportunity costs of using resources owned by the firm. (Source: Tucker, I. B., 2009. Essentials of Economics. 6th ed.
s.l.:South-Western Cengage Learning. p. 109)