Individuals, institutions and society choose between scarce resources. The need and need for individuals, institutions and society goes far beyond the available resources. There is a lack of economics because the resources are limited. As the resources are scarce, we have to decide what we want from consumers and what we want to give up.
There is nothing in economics. Everything has to be paid. Cost can be explicit or implicit. Explicit costs are the expenses the company makes to others to provide resources to the company. The business bookkeeping costs of the enterprise are considered as explicit costs. Depending on the type of business, business expenses are labor, materials, products, machines, utilities, rent, etc. They can cost you. Implicit costs are intangible costs of the enterprise. Implicit costs are considered as opportunities from the company's own resources. If a company uses things at its own expense, it implies an implicit cost. For example, the implicit cost would be if someone decides to work at home instead of putting it to work. Suppose someone worked for 2 hours at your home. If they went to work they won $ 100 ($ 2 / $ 50 / hour). The $ 100 underdeveloped wages are implicit costs. Suppose the cost of home work is $ 50. Explicit cost + implicit cost = total cost. Explicit cost = $ 50 in the material, implicit cost = $ 100 lost wages. The total cost is $ 50 in the material + $ 100 forgotten wages = $ 150 total cost. There is nothing in economics.
Costs do not always give up monetary value to get something in return. If someone drinks a bottle of water for free, it may seem free from your perspective as you did not give any money to the water bottle. Products and services require natural, manufactured and human resources. If these shaky resources were used by the bottling water company, they abandoned the opportunity to use these resources for the production of other goods and services. For economists this is the so-called casual cost. The choices are constraints. In economics, individuals, institutions and society must choose these scarce competing resources.
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