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.
Save. Economics is the study of transactions between producers and consumers with limited resources. Because the money used to produce one product could have been used to produce something else, each transaction involves an economic cost of implicit and explicit value to both buyer and seller.xplicit costs include the exchange of money for a good or service. The implicit cost refers to the tangible costs for which no money is exchanged. Economists count the implicit and explicit costs together when determining the value of a thing.