Concepts of Costs that are Relevant to a Firm
The following points highlight the fifteen important concepts of costs that are relevant to a firm. Some of the concepts are: 1. Accounting and Economic Costs 2. Production Costs 3. Actual Costs and Opportunity Costs 4. Direct Costs and Indirect Costs 5. Private and Social Costs 6. Incremental Costs and Sunk Costs 7. Historical and Replacement Costs 8. Past Costs [...]