0Cost Concepts:
The various relevant concepts of costs used in business decisions are discussed below:
- Opportunity Costs and Outlay Cost.
- Explicit and Implicit/ Imputed Cost.
- Historical Cost and Replacement Cost.
- Short Run and Long run Costs.
- Out of Pocket and Book Costs.
- Fixed Cost and Variable Costs.
- Past and Future Costs.
- Traceable Cost and Common Costs.
- Avoidable Costs and Unavoidable Costs.
- Controllable Cost and Uncontrollable Cost.
- Incremental Cost.
- Total, Average and Marginal Costs.
- Accounting and Economic Costs.
