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Define the term opportunity cost and explain its potential positive and negative effects on the economy?
The value of the next-best alternative is called opportunity cost. The opportunity cost of any action is the value of what is given up--the next-highest-ranked alternative--because a choice was made. When you study one more hour, there may be many alternatives available for the use of that hour, but assume that you can do only one other thing in that hour--your next-highest-ranked alternative. What is important is the choice that you would have made if you hadn't studied one more hour. Your opportunity cost is the next-highest-ranked alternative, not all alternatives. In economics, cost is always a forgone opportunity.
What else can I help you with?
What are the positive and negative impacts of technology on the economy?
Positive impacts of technology on the economy include increased productivity, efficiency, and innovation, leading to economic growth and job creation. However, negative impacts can include job displacement due to automation, income inequality, and potential cybersecurity risks.
Are there any positive things about mixed economy?
There can potentially be many positive things about mixed economy. You could look at the opportunity to understand diversity for example.
What other effects did Europe have on Black Death positive or negative?
both positive and negative effects were there. It killed economy, but brought social changes.
what is positive and negative influence of marketing on society?
A positive influence of marketing on society is boosting the economy. A negative influence is consumer confusion when the market is too vast.
Negative and positive impacts of illegal immigration?
Some negatives are that they affect the economy and the job market.
What are the positive and negative aspects of growing cities?
Some positive aspects to growing cities would be community and improvement to the economy. Some negative aspects would be pollution and crime rate.
What positive position do you hold on the current state of the economy?
I believe that the current state of the economy shows signs of resilience and potential for growth, despite challenges.
What effects do tornadoes have on the economy?
Tornadoes have both a positive and negative effect on the economy. While they can be very destructive, new construction is usually the result of tornadic activity.
What are effects of underground economy in the Philippines?
There is a positive and negative effect. POSITIVE:the business owners doesn't pay any tax bills.And obviously the NEGATIVE effect is that there are many goods and products that are illegally brought in our country.
Was the invention of the fridge a positive or negative impact?
It was positive for our economy then, but now we are realizing that the creation of the fridge sparked global warming due to the fact that it takes in heat energy to create cold air like in the fridge. So in conclusion it was both positive and negative.
Should President Obama use positive or negative language to describe the state of the US Economy?
He will be truthful, that is the type of person he is.
What is government's role in controlling externalities in the American economy?
Government tries to encourage positive externalities and limit negative externalities..
