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According to the authors of the textbook Economics U$A, Opportunity Cost or Alternative Cost is the value of what certain resources could have produced have they been used in the best alternative way. Since economic resources are scarce, only a limited amount of goods and services can be produced from them and there arise the necessity of choice.
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What are the characteristics of engineering economics?
1. Time value of money 2. Production of size and cost 3. Make or Buy principle 4. Rate if depression 5. Demand & supply including cost 6. Energy prices & Processing cost 7. Economics of alternative method of manufacturing 8. Economics of rule By Asik Ali S
What is trade-offs in economics?
an alternative that we sacrifice when we make a decision
What is the definition of economics by Robbins?
Robbins define Economics as the science which study human behaviour in relation to ends and scares means which have alternative uses.
What is the definition of economics by Prof L Robbins?
economics is the study of human behaviors as a relation between ends and scarce resources that have alternative uses.
In economics what is cost?
cost of what you give up to get it
What The best alternative given up by a particular decision.?
Opportunity cost is the phrase used to describe the best alternative given up by a particular decision. The term is often associated with Economics.
What is The best alternative given up by a particular decision?
Opportunity cost is the phrase used to describe the best alternative given up by a particular decision. The term is often associated with economics.
What are the characteristics of engineering economics?
1. Time value of money 2. Production of size and cost 3. Make or Buy principle 4. Rate if depression 5. Demand & supply including cost 6. Energy prices & Processing cost 7. Economics of alternative method of manufacturing 8. Economics of rule By Asik Ali S
What are the characteristics of engineering?
1. Time value of money 2. Production of size and cost 3. Make or Buy principle 4. Rate if depression 5. Demand & supply including cost 6. Energy prices & Processing cost 7. Economics of alternative method of manufacturing 8. Economics of rule By Asik Ali S
What is trade-offs in economics?
an alternative that we sacrifice when we make a decision
What specifically is economics?
Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
What is the definition of economics by Robbins?
Robbins define Economics as the science which study human behaviour in relation to ends and scares means which have alternative uses.
Is specific tax a better alternative raise tax revenue?
..Economics: CaseStudy...??..
What is the definition of economics by Prof L Robbins?
economics is the study of human behaviors as a relation between ends and scarce resources that have alternative uses.
In economics what is cost?
cost of what you give up to get it
Lionel robbins definition of economics?
Economics is a social science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
What is opportunity cost all about?
The cost of an alternative that must be forgone in order to pursue a certain action. Opportunity cost is the cost of any activity measured in terms of the value of the next best alternative forgone (that is not chosen). It is the sacrifice related to the second best choice available to someone. Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice". The notion of opportunity cost plays a crucial part in ensuring that scarce resources are used efficiently.
