implicit cost — the opportunity cost of using resources owned by a firm for production purposes without a cash outlay
Part of speech: NOUN
Definition: the opportunity cost of using resources owned by a firm for production purposes without a cash outlay
Pronunciation (IPA): /ɪmˈplɪsɪt kɔːst/
Korean meaning: 기업이 소유한 자원을 생산에 사용할 때 발생하는 기회비용(현금 지출 없이)
Korean pronunciation: 임**플**리싯 코스트
Example Sentences
- The CEO's implicit cost was the $500,000 salary he could have earned elsewhere.
- My mom's bakery has zero implicit costs because she claims she would never work anywhere else anyway!
- Students often ignore the implicit cost of their time when choosing between studying and working.
implicit cost
NOUN//ɪmˈplɪsɪt kɔːst//
the opportunity cost of using resources owned by a firm for production purposes without a cash outlay
the opportunity cost of using resources owned by a firm for production purposes without a cash outlay
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Explicit costs are clear, but implicit costs disappear like illicit gains!
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Start for Free🎤Pronunciation
🌳Etymology
Origin
implicit은 '안으로 접어 넣다'라는 라틴어 implicare에서 유래했고, cost는 '함께 서다'라는 의미의 라틴어 constare에서 왔습니다. 마치 겉으로 드러나지 않고 안에 숨겨진 비용이라는 의미입니다.
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“The CEO's implicit cost was the $500,000 salary he could have earned elsewhere.”
“My mom's bakery has zero implicit costs because she claims she would never work anywhere else anyway!”
“Students often ignore the implicit cost of their time when choosing between studying and working.”
“The implicit cost of using my garage as an office is missing my car every time it rains.”
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