Economic Costs: Economic costs encompass both explicit (accounting) costs and implicit (opportunity) costs. They include the value of resources used in production, whether they involve actual monetary payments or not.
Implicit Costs: Implicit costs are opportunity costs that arise from using resources for a particular purpose instead of their next best alternative use.
Total Costs (TC): Total cost is the sum of all fixed and variable costs incurred in producing a given quantity of output. It includes both explicit (accounting) costs and implicit (opportunity) costs.