Cost and Various cost concepts

Dr. Manishika Jain- Join online Paper 1 intensive course. Includes tests and expected questions.

Types of Costs

  • Actual cost and opportunity cost

  • Sunk cost and outlay cost

  • Explicit cost and implicit cost

  • Opportunity cost and imputed cost

  • Incremental cost and sunk cost

  • Book-cost and out-of-pocket cost

  • Accounting cost and economic cost

  • Private cost and social cost

  • Direct cost and indirect cost

  • Controllable cost vs. non-controllable cost

  • Replacement cost and original cost

  • Shutdown and abandonment cost

  • Urgent cost and postponable cost

  • Business cost and full cost

  • Total cost, average cost and marginal cost

  • Fixed cost and variable cost

  • Short-run cost and long-run cost

  • Incremental cost and marginal cost

For details refer

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