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Cost:, It is the Expenditure incurred by a Producer, (Explicitly or Implicitly) on, Factor as well as Non-Factor Inputs., , What are What are, Factor Inputs Explicit Costs, And And, , Non-Factor inputs? Implicit Cost?, , , , Lets find out !!, , CLASS KI: TERM 2 WARRIORS

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Factor Inputs Factor Cost, (Factor Payment), , (Factor Income), , Land, , Labour, , Entrepreneur

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Non-factor Inputs (Non-Factor Cost):, , Non-Factor Cost is the Expenditure on, Non-Factor Inputs., , Non-Factor Inputs include:, Raw Material, , Cost = Factor Cost + Non-Factor Cost, , CLASS XI: TERM 2 WARRIORS

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Explicit cost Implicit Cost, , , , Opportunity Cost of Opportunity Cost of, purchasing Inputs from Self-Employed Inputs., the Market., , Measured in terms of Measured in terms of, Cash Payments to imputed Value of, outsiders for purchase of | Self-Employed Resources, Inputs. as no payment made., Cost of Raw Material Imputed Rent of, , purchased, Wages paid, Self-Owned Building., ent paid to outsiders.

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Fixed Cost (FC) and Variable Cost (VC):, , Fixed Cost (FC): (Constant Cost) (Indirect Cost), (Supplementary Cost) (Overhead Cost), , Expenditures by producer on fixed factors of, production., , Fixed cost vith the ch, , fF output, , CLASS Ki: TERM 2 WARRIORS