Hello,
Cost is the monetary value of goods and services that producers and consumers purchase. In a basic economic sense, cost is the measure of the alternative opportunities foregone in the choice of one good or activity over others.
The types of Costs in Economics are:
1. Fixed Costs
It is the cost which don’t vary with changing output.
2. Variable Costs
It is the cost which depend on the output produced.
3. Semi - Variable Costs
4. Marginal Costs
It is the cost of producing extra units.
5. Opportunity Costs
6. Economic Costs
It is the sum of both actual direct cost and opportunity costs.
7. Accounting Costs
It is the he monetary outlay for producing a certain good.
8. Sunk Costs
These are the costs have been incurred and cannot be recouped.
9. Avoidable Costs
These are the costs that can be avoided.
10. Explicit Costs
These are the costs that a firm directly pays
11. Implicit Costs
These are opportunity costs.
12. Social Costs
This is the total cost of a society.
12. External Costs
These are the total cost imposed on third party.
13. Private Costs
These are the costs that a person pays for himself / herself.
14. Social Marginal Costs
This is the total cost to society of producing one extra unit.
Best Wishes.
Hi there!
Greetings!
Let me describe you that cost is the sacrifice made, usually measured by the resources given up, to achieve a particular purpose. A sacrifice made in order to obtain some goods or services.
Types of costs:-
These are the types of cost and I hope this information will help you. So keep learning keep growing.
All the best!
Thanks.
Hello, Arsh!
Economic cost is the combination losses of any goods that have a value attached to them by any one individual. Economic cost is used mainly by economists as means to compare the prudence of one course of action with that of another. The factors to be taken into consideration are money, time, and other resources.
Hope this helps!
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