Economic cost

Economic cost is the combination of losses of any goods that have a value attached to them by any one individual.^[1]^[2] Economic cost is used mainly by economists as means to compare the prudence of one course of action with that of another. The comparison includes the gains and losses precluded by taking a course of action as well as those of the course taken itself. Economic cost differs from accounting cost because it includes opportunity cost.^[3]^[2]^[4] (Some sources refer to accounting cost as explicit cost and opportunity cost as implicit cost.^[2]^[4])

^ Phillips, Ulrich B. (1905). "The Economic Cost of Slaveholding in the Cotton Belt". Political Science Quarterly. 20 (2): 257–275. doi:10.2307/2140400. hdl:2027/hvd.32044082042185. ISSN 0032-3195. JSTOR 2140400.
^ ^a ^b ^c "What is economic cost? Definition, comparisons, and examples". Market Business News. Retrieved 2019-07-16.
^ Cite error: The named reference ec1 was invoked but never defined (see the help page).
^ ^a ^b Leonard, Kimberlee (2019-01-31). "The DiffereBetween Accounting Costs & Economic Costs". Chron. Retrieved 2019-07-17.

[1] Phillips, Ulrich B. (1905). "The Economic Cost of Slaveholding in the Cotton Belt". Political Science Quarterly. 20 (2): 257–275. doi:10.2307/2140400. hdl:2027/hvd.32044082042185. ISSN 0032-3195. JSTOR 2140400.

[mbw-2] "What is economic cost? Definition, comparisons, and examples". Market Business News. Retrieved 2019-07-16.

[ec1-3] Cite error: The named reference ec1 was invoked but never defined (see the help page).

[leonard1991-4] Leonard, Kimberlee (2019-01-31). "The DiffereBetween Accounting Costs & Economic Costs". Chron. Retrieved 2019-07-17.

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