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.
Because resources are. scarce, the true cost of anything is its opportunity costâthat is, the real cost of some-. thing is what you must give up to get it. When it comes to making decisions, it is cru-. cial to think in terms of opportunity cost, because the opportunity cost of an action. is often considerably more than the simple monetary cost. Explicit Versus Implicit Costs.