Giving examples, explain the meaning of cost of cost in economics.

1.	Giving examples, explain the meaning of cost of cost in economics.
Answer» <html><body><p></p>Solution :Economic cost is the combination losses of any goods that have a value attached to them by any one individual. Economic cost is used mainly by economists as means to compare the prudence of one course of <a href="https://interviewquestions.tuteehub.com/tag/action-2544" style="font-weight:bold;" target="_blank" title="Click to know more about ACTION">ACTION</a> with that of another.. Economic cost <a href="https://interviewquestions.tuteehub.com/tag/includes-1039937" style="font-weight:bold;" target="_blank" title="Click to know more about INCLUDES">INCLUDES</a> explicit costs, implicit costs and normal profits. <a href="https://interviewquestions.tuteehub.com/tag/example-978283" style="font-weight:bold;" target="_blank" title="Click to know more about EXAMPLE">EXAMPLE</a>, <a href="https://interviewquestions.tuteehub.com/tag/wages-1448569" style="font-weight:bold;" target="_blank" title="Click to know more about WAGES">WAGES</a> to labourer, rent to land lord, profit to entrepreneur, interest to capital etc.</body></html>

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