The total economic cost of producing a good or service is called the
Business · High School · Thu Feb 04 2021
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The total economic cost of producing a good or service is called the total cost. Total cost includes both explicit costs, which involve direct monetary outlays for factors of production like wages, rent, and materials, as well as implicit costs, which are the opportunity costs of using resources that the firm already owns, such as the owner's capital, time, or machinery that could have been used for other purposes.