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 vs Explicit Cost. Implicit cost and explicit cost are terms used in accounting. As just about anything in accounting, there is always what we call as a relative cost to each transaction. However as these costs are measured, the most common types being mentioned are implicit and explicit cost.