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  2. Implicit cost - Wikipedia

    en.wikipedia.org/wiki/Implicit_cost

    Implicit cost. In economics, an implicit cost, also called an imputed cost, implied cost, or notional cost, is the opportunity cost equal to what a firm must give up in order to use a factor of production for which it already owns and thus does not pay rent. It is the opposite of an explicit cost, which is borne directly. [1]

  3. Opportunity cost - Wikipedia

    en.wikipedia.org/wiki/Opportunity_cost

    Opportunity cost, as such, is an economic concept in economic theory which is used to maximise value through better decision-making. In accounting, collecting, processing, and reporting information on activities and events that occur within an organization is referred to as the accounting cycle.

  4. Implicit contract theory - Wikipedia

    en.wikipedia.org/wiki/Implicit_contract_theory

    Implicit contract theory. In economics, implicit contracts refer to voluntary and self-enforcing long term agreements made between two parties regarding the future exchange of goods or services. Implicit contracts theory was first developed to explain why there are quantity adjustments ( layoffs) instead of price adjustments (falling wages) in ...

  5. Personal consumption expenditures price index - Wikipedia

    en.wikipedia.org/wiki/Personal_consumption...

    The personal consumption expenditure ( PCE) measure is the component statistic for consumption in gross domestic product (GDP) collected by the United States Bureau of Economic Analysis (BEA). It consists of the actual and imputed expenditures of households and includes data pertaining to durable and non-durable goods and services.

  6. Economic cost - Wikipedia

    en.wikipedia.org/wiki/Economic_cost

    Economic cost. Economic cost is the combination of losses of any goods that have a value attached to them by any one individual. [ 1][ 2] Economic cost is used mainly by economists as means to compare the prudence of one course of action with that of another. The comparison includes the gains and losses precluded by taking a course of action as ...

  7. Economics terminology that differs from common usage

    en.wikipedia.org/wiki/Economics_terminology_that...

    The economics term cost, also known as economic cost or opportunity cost, refers to the potential gain that is lost by foregoing one opportunity in order to take advantage of another. The lost potential gain is the cost of the opportunity that is accepted. Sometimes this cost is explicit: for example, if a firm pays $100 for a machine, its cost ...

  8. Tragedy of the commons - Wikipedia

    en.wikipedia.org/wiki/Tragedy_of_the_commons

    In economics, an externality is a cost or benefit that affects a party who did not choose to incur that cost or benefit. [32] [33] Negative externalities are a well-known feature of the "tragedy of the commons". For example, driving cars has many negative externalities; these include pollution, carbon emissions, and traffic accidents.

  9. Schools of economic thought - Wikipedia

    en.wikipedia.org/wiki/Schools_of_economic_thought

    The opportunity cost expresses an implicit relationship between competing alternatives. Such costs, considered as prices in a market economy, are used for analysis of economic efficiency or for predicting responses to disturbances in a market.