Final answer:
Implicit costs are costs incurred by the company as a whole and cannot be easily traced to individual products or services. They represent the opportunity cost of using resources already owned by the firm and used in business.
Step-by-step explanation:
Implicit costs are costs incurred by the company as a whole and cannot be easily traced to individual products or services. They represent the opportunity cost of using resources already owned by the firm and used in business. Examples of implicit costs include the depreciation of goods, materials, and equipment necessary for the company to operate.