COST
Private cost : it refers to the cost of Production to an individual producer Social cost : The cost of natural resources for which the firms are not required to pay. Actual Costs(Outlay Costs or Absolute Costs) : This term is used in accounting that means the amount of money that was paid to acquire a product or asset.it's also known as past/historical cost Opportunity Cost (Alternative Costs ): It is the value of the next best thing you give up whenever you make a decision. It is "the loss of potential gain from other alternatives when one alternative is chosen". The idea of an opportunity cost was first begun by John Stuart Mill. Explicit or Expenditure or Outlay cost: This refer to actual/direct payments such as wages and salaries paid,payments for raw materials,,interest on borrowed capital funds,rent on hired land and the taxes paid to the Government. Implicit,Nonexpenditure,Implied, notional or imputed cost: Goin