What is the best definition of opportunity cost?
What are the three examples of opportunity cost?
- Someone gives up going to see a movie to study for a test in order to get a good grade.
- At the ice cream parlor, you have to choose between rocky road and strawberry.
- A player attends baseball training to be a better player instead of taking a vacation.
How to make better decisions by understanding opportunity cost?
This makes it easier for her to compare some of the costs of going back to school:
- Not growing her professional network.
- Not building a work portfolio at 20 that most recent grads don’t have until they’re 30.
- Not getting a 2+ year head start on her peers.
- Not socializing with people at work.
- Not learning whatever professional skills she learns at work (which her peers from school will have to learn upon graduating, anyway).
What is meant by 'opportunity cost' in economy?
- It plays a significant role for Theory in economics
- It makes people to think twice before getting your money getting lended or loaned.
- The value of interest comes in the picture. To substitute the opportunity you lost to buy that moment, interest is added.
What is the meaning of opportunity cost?
Opportunity cost is the value of what you lose when choosing between two or more options. When you decide, you feel that the choice you've made will have better results for you regardless of what you lose by making it. As an investor, opportunity cost means that your investment choices will always have immediate and future losses or gains.
Which best defines opportunity cost?
Opportunity cost is an economics term that refers to the value of what you have to give up in order to choose something else. In a nutshell, it's a value of the road not taken.
What is the definition of opportunity cost give an example?
Opportunity cost is the profit lost when one alternative is selected over another. The concept is useful simply as a reminder to examine all reasonable alternatives before making a decision. For example, you have $1,000,000 and choose to invest it in a product line that will generate a return of 5%.
What is opportunity cost definition?
Opportunity costs represent the potential benefits that an individual, investor, or business misses out on when choosing one alternative over another. Because opportunity costs are unseen by definition, they can be easily overlooked.
What is the definition of opportunity cost quizlet?
opportunity cost. the most desirable alternative given up as the result of a decision. thinking at the margin. the process of deciding whether to do or use one additional unit of some resource. cost/benefit analysis.
Answer
idk what the options are but opportunity cost is like the loss of potential gain from one alternative option is chosen over another i think
New questions in History
Explain the main idea of Keynesianism. How did event in 1937 persuade Roosevelt to follow the advise of Keynesian supporters?
