Opportunity costs / Implicit costs

Last updated: 28.03.2016

Opportunity cost (also called also implicit costs) is the highest possible amount that could be obtained if different alternative would have been adopted. For example rent income can be opportunity costs to using the factory premises for manufacturing.

Opposite to implicit (opportunity) costs are explicit costs.

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Types of costs used in decision-making Controllable costs / Relevant costs Uncontrollable costs / Irrelevant costs Sunk costs Avoidable costs Unavoidable costs Shut-down costs Explicit costs Differential costs Replacement costs

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