This economics question tests your understanding of economic models and analysis. The step-by-step answer below applies the relevant framework and explains the reasoning.
ScanSolve AI Answer
Hey Zoleka, good to see you again. Here are the answers to your Economics questions: QUESTION 1 1.1 Name TWO kinds of costs considered in Economics. • Explicit costs* • Implicit costs* 1.2 List any TWO aims of a business. • Profit maximisation* • Survival* 1.3 Give TWO examples of explicit costs. • Wages paid to employees* • Rent for premises* 2. GIVE ONE TERM FOR THE FOLLOWING DESCRIPTIONS 2.1 The cost of economic opportunity left somewhere in order to take up current opportunity. Opportunity cost* 2.2 The cost of all factors of production used in production and running a business. Economic cost* 2.3 The positive difference between total revenue and explicit costs of production. Accounting profit* 2.4 The positive difference between total revenue and combination of explicit and implicit costs of production. Economic profit* Send me the next one 📸