is labor an implicit cost 
labor can technically be an implicit and explicit cost in regard to employees when wages and salaries are paid labor is an explicit cost to a business when wages or salaries are foregone such as that for an entrepreneur starting their own business labor would be an implicit cost the bottom lineimplicit costs are not recorded and do not have a specific reciprocal when used though implicit costs represent a loss of income they do not represent a loss of profit because their value is being utilized elsewhere for the benefit of the business though they are harder to value and are often subjective they play a key role in the success of a business 