Implicit cost — School of Salamanca · Aristotree

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Implicit cost. 1 connected concept: Opportunity cost (related to).

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Implicit cost

Community · Opportunity cost

Summary

In economics, an implicit 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.

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Implicit cost image — Wikimedia

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Connections1

component of opportunity cost
Implicit costs are the non-monetary opportunity costs of using resources already owned by a firm, such as the forgone salary of an entrepreneur.
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Facts

Implicit cost — School of Salamanca · Aristotree