implicit cost
Definition
The costs associated with an action's tradeoff. It is related to explicit costs, which represent the actual costs of an activity, and represents a cost that is not recorded but instead implied. For example, an employee could take a vacation and travel. The explicit costs would include travel expenses, the cost of a hotel room, and costs related to entertainment. The implicit costs relate to the tradeoff, namely the wages that the employee could have earned if the vacation was not taken.
email to a friend
print this definition
cite this definition
link to this page
implicit cost is in the Decision Making, Problem Solving, & Strategy and Statistics, Mathematics, & Analysis subjects.
implicit cost appears in the definition of the following term: implied cost
This content can be found on the following page:
http://www.businessdictionary.com/definition/implicit-cost.html