Explicit costs are direct, out-of-pocket expenses that a company incurs during its operations. These costs are easily identifiable and measurable, typically involving monetary transactions. Explicit ...

Implicit and explicit business transactions relate to a company's opportunity costs and cash expenditures. A business incurs explicit costs from a variety of sources, including hiring workers and ...

Small businesses typically use explicit advertising, which involves short and direct sales messages to a target audience. Implicit advertising, on the other hand, works best when businesses want to ...