Which of the following is NOT an example of an explicit cost? Multiple Choice The income the owner could have earned in his or her next best employment opportunity. The salaries paid to the managers who help run the business. The overtime wages paid to workers. The rent the owner pays each month to lease office space.

The income the owner could have earned in his or her next best employment opportunity.

Explanation:

Explicit cost includes all the amounts expended in running the business. It is used in calculating accounting profit. Examples are wages, rent, cost of equipment

The income the owner could have earned in his or her next best employment opportunity is an example of an implicit cost

Implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives. It is used in calculating economic profit.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

the answer is     d. in our global economy, most job growth will be in services, but manufacturing jobs will exist, too.