About Alicia Keys. Alicia Keys can be described as a modern-day Renaissance woman. A 12-time Grammy Award-winning singer/songwriter/producer, Keys is also an accomplished actress, a New York Times best-selling author, an entrepreneur and a powerful force in the world of philanthropy and in the global fight against HIV and AIDS.
Implicit costs can also be thought of as intangible costs that are not easily accounted for. For example, the time and effort that an owner puts into the maintenance of the company, rather than working on expansion, can be viewed as an implicit cost of running the business.
Implicit cost. In economics, an implicit cost, also called an imputed cost, implied cost, or notional cost, is the opportunity cost equal to what a firm must give up in order to use a factor of production for which it already owns and thus does not pay rent. It is the opposite of an explicit cost, which is borne directly. In other words, an implicit cost is any cost that results from using an asset instead of renting it out or selling it. The term also applies to foregone income from choosing not to work.