Since opportunity cost is defined as the cost of any activity measured in terms of the best alternative activity which is forgone, in this case, the opportunity cost can be a field for students to play around or a land where a library can be built. Another example, would be the opportunity cost of coming to school. This answer will be the time enjoyed going to the cinema or time spent with your partner. Hence, the opportunity cost of coming to school will be the cost of not going to cinema and spending time with your partner.
Opportunity cost is defined, as the answer above says, as the difference between a course of action and another course of action. What the above answer misses is that opportunity cost is usually measured as the difference between the chosen action and the BEST alternative, not any other alternative. For instance, if you're choosing between 5 stocks, chose stock 1 and all 5 stocks go up, but stock 3 rises the most, you measure your opportunity cost against ONLY stock 3. So the opportunity cost in this case would be the BEST alternative. Unfortunately, there is no numerical way to measure the utility a university would get from various non-economic buildings like a library or cinema, so it would have to be up to the school board.
The scarcer the resourse the greater the opportunity cost
because opportunity itself is scarce too
An opportunity cost is the alternative choices that can be made with the allocation of scarce resources. A production possibility frontier is a graph illustrating those opportunities and comparing their results.
No.Our Resources are scarce whereas human wants are unlimited.we will always have to make choices that is opportunity cost will always arise.
there is no answer
The scarcer the resourse the greater the opportunity cost
because opportunity itself is scarce too
answer water and air scarce or abundant
An opportunity cost is the alternative choices that can be made with the allocation of scarce resources. A production possibility frontier is a graph illustrating those opportunities and comparing their results.
No.Our Resources are scarce whereas human wants are unlimited.we will always have to make choices that is opportunity cost will always arise.
there is no answer
I can give you several sentences.Money is scarce in my house.We need to conserve scarce resources.Make yourself scarce!
Because in an economy, everything is "scarce" (there is a finite amount of that good available), individuals and society can only use these scarce resources to produce a fixed amount of good. Therefore, they have to choose how to use their resources, creating the concept of opportunity costs. Example: You have 100 pieces of wood in the planet You can either create 50 bookshelves or 30 tables. If you choose to produce bookshelves, the opportunity cost is 30 tables (since you don't have any more pieces of wood to produce the tables) and if you choose to produce the tables, the opportunity cost will be 50 bookshelves (for the same reason)
all rats eat flesh its just that they dot find the right opportunity most dangerous ones are the ones that live in places where food is scarce.
Importance of Opportunity cost to an individual are : 1. It influences the individuals household in decision making among his numerous wants. 2. It helps the individual to know how to maximise his satisfaction from his limited resources through drawing scale of preference. Importance of Opportunity Cost to Firms 1. It helps a firm to decide to use labour intensive instead of capital intensive method to achieve the highest output. Importance of Opportunity Cost to Government: 1. It enables the government to maximize the welfare of its citizen by choosing the right projects it should spend its scarce resources on.
Scarce is an adjective.
no coal isnt scarce