What is meant by implicit and explicit cost?

Implicit costs refer to the cost that a producer bears which are not accounted for. For instance, if he’s working for free in his factory then his time becomes an implicit cost then the capital invested in starting that business could’ve been put in the bank which would’ve earned interest so the interest on capital is another implicit cost.

Explicit costs refer to the costs that is accounted for. It is the money that the producer spends in purchasing inputs for his production line. For example land, labour, electricity etc..