Private costs are the same as

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Private costs are the costs that are incurred by an individual or a firm as a result of their own economic activities such as production, consumption, or investment. These costs are internal to the individual or firm and do not affect others directly. Hence, private costs are also referred to as internal costs. Implicit costs are the opportunity costs of using resources that are already owned, while social costs include both private and external costs that affect others in the society. Public costs are the costs that are borne by the government or the society as a whole.

Private Costs Are the Same as