Implicit cost and Explicit cost?

Question

Can someone please help me to define these two terms?? And give some examples??

Answer 1

yup, i can do your homewrok

In economics, an implicit cost occurs when one foregoes an alternative action but does not make an actual payment. (For instance, the explicit cost of a night at the movies includes the moviegoer's ticket and soda, but the implicit cost includes the pay she would have earned if she had chosen to work instead.) Implicit costs are related to forgone benefits of any single transaction.

An Explicit cost is an easy accounted cost, such as wage, rent and materials. It can be transacted in the form of money payment and is lost directly, as opposed to monetary implicit costs

Answer 2

use a dictionary, find the definitions of the words and you will understand the terms in an economic sense. DO YOUR OWN HOMEWORK.

Answer 3

You know I was going to answer your question, but then I read the first answer & that makes so much more sense to me...