By individual. A performance appraisal is a formal procedure used to survey a representative's adequacy and efficiency and fills both regulatory and formative needs. Officially, it helps manage basic leadership with respect to business activities, work force arranging and preparing and advancement.
Implicit costs are imputed costs of self-owned and self-employed resources.
Example:
- (i) Interest on entrepreneur's own capital.
- (ii) Rent on entrepreneur's own land used in business.
Oceans heat up and cool down much more slowly than land. This means that coastal locations tend to be cooler in summer and warmer in winter than places inland at the same latitude and altitude.
