You paid $145 for an iPod Nano. The cash you sacrificed is a(n)

Name: You paid $145 for an iPod Nano. The cash you sacrificed is a(n)
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Explicit costs are direct payments made to others in the course of running a business or conducting a transaction, such as the $145 paid for an iPod Nano. This contrasts with implicit costs, which represent the opportunity costs of using resources owned by the business for its operations instead of elsewhere.

You Paid $145 for an IPod Nano