What are some examples of non-monetary costs?
Types of non-monetary costs
- Time costs. Most services require direct participation of the consumer and thus consume real-time: time waiting as well as the time when the customer interacts with the service provider (Zeithaml, 1996).
- Search costs.
- Convenience costs.
- Psychological costs.
What is non-monetary cost of service?
Also sometimes named as as behavioral price, nonmonetary costs refer to nonmonetary price of obtaining a service, which includes time spent in addition to physical and mental efforts made to search and attain the service (Petrick, 2002:123; Ali, 2007:7-81).
Which costs have non-monetary benefits?
In many assessments there are non-monetary impacts such as environmental, social or health effects that can not be valued cost-effectively. These non-monetary costs and benefits must be taken into account and should not be regarded as any less important than the monetary values.
What is an example of monetary cost?
Companies must pay workers, purchase production machinery and materials, ensure distribution of products and market them to consumers. These are examples of monetary costs, or the actual expenditures involved in production.
What is monetary cost and non-monetary cost?
Monetary costs could include a new wardrobe, transportation, additional training, or maybe supplies you are required to provide for yourself. Non-monetary costs are the things that cost you personally, but not your bank account. Non-monetary costs are measured in units other than money.
What is the meaning of non-monetary?
Definition of nonmonetary : not of or relating to money nonmonetary assets “The key for government at every level is to use nonmonetary resources to help private developers build housing people of moderate means can afford.”— Gurney Breckenfeld.
What are some examples of non-monetary benefits?
Top 12 non-monetary rewards for employees
- Flexible working.
- Give employees time to work on their own projects.
- Extra leave.
- Allow time to do volunteer work.
- One-on-one meetings.
- Give employees chance to show appreciation for each other.
- Reward employees with more responsibility.
What is the difference between monetary and non-monetary?
If it can be converted into cash easily, the asset is considered a monetary asset. Liquid assets are assets that can easily be converted into cash in a short amount of time. If it cannot be readily converted to cash or a cash equivalent in the short term, then it is considered a nonmonetary asset.
What is another word for non-monetary?
In this page you can discover 8 synonyms, antonyms, idiomatic expressions, and related words for non-monetary, like: , off-balance-sheet, , non-quantifiable, pecuniary, trasha, and gay-vacation.
What is meant by non-monetary benefits?
Non-monetary benefits are benefits that are not, or cannot be, directly measured in terms of monetary units. These include the satisfaction realised from enjoying a certain way of life or style of work, such as fishing in a rural coastal community.