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.
Sunk cost is a cost that has already been incurred and will not be changed or avoided in the future. In other words, sunk costs are costs that have already been recorded. In accounting, sunk costs represent costs that have already been incurred and will not require current or future cash expenditures.