Final answer:
Committed resources are acquired through implicit contracting in advance of their usage and in larger, less flexible amounts. The correct option is B.
Step-by-step explanation:
Resources that are acquired in advance of usage through implicit contracting and are usually acquired in lumpy amounts are known as committed resources. These committed resources represent a significant investment in terms of both capital and time since the resources are obtained on the assumption that they will be needed for future production, but aren't flexible in the short term. Such resources contrast with flexible resources, which can be adjusted more easily and quickly to meet changing production needs.
Implicit costs are a related concept, representing the opportunity cost of using resources that a company already owns. For small businesses, this can mean the use of personal time and property without a direct monetary return, such as working without a formal salary or using a home space as a retail store. Implicit costs also account for the depreciation of goods, materials, and equipment, which are critical for the company's operations but may not involve direct, out-of-pocket expenses.
Understanding the different kinds of resources and the associated costs is crucial for businesses as they plan and track both their expenditure and use of assets. While committed resources involve implicit contracts and are less liquid, flexible resources can be more easily adapted or liquidated depending on the business requirements. Balancing both types is key to effective financial and operational management.