a firm calculates the total costs of producing a given product, including all monetary payments for resources that it does not own and must purchase. the firm also includes the opportunity costs of forgoing the best alternative for those resources that it itself owns. in doing this calculation, the firm has accounted for i. the explicit cost of producing this product (all monetary payments for resources it does not own) ii. the implicit costs by including the associated opportunity costs (associated payments for resources it already owns) iii. the full economic costs of producing the product