{"id":870,"date":"2015-04-25T22:13:50","date_gmt":"2015-04-25T22:13:50","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterymicro1xngcxmaster\/?post_type=chapter&p=870"},"modified":"2015-07-11T06:41:19","modified_gmt":"2015-07-11T06:41:19","slug":"learning-outcome-explicit-and-implicit-costs","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/chapter\/learning-outcome-explicit-and-implicit-costs\/","title":{"raw":"Outcome: Explicit and Implicit Costs","rendered":"Outcome: Explicit and Implicit Costs"},"content":{"raw":"

What you'll learn to do:\u00a0differentiate between explicit and implicit costs, accounting, and\u00a0economic profit.<\/h2>\r\nIf you are interested in someday starting your own restaurant, you'll definitely need to prepare for explicit costs\u2014the obvious costs of paying rent, buying ingredients, paying your staff, etc. What will be less obvious and harder to measure, however, will be the implicit costs\u2014the sleepless nights you spend working on the design, the salary you don't make right off the bat, and the ingredients you experiment with to create your special sauce. In this section, you'll learn more about these types of costs.\r\n

LEARNING ACTIVITIES<\/h3>\r\nThe learning activities for this section include:\r\n