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What else can I help you with?
How does scarce resources give rise to opportunity cost?
The scarcer the resourse the greater the opportunity cost
Why is human resources important to the development of industry?
How the opportunity cost can be applied to the production process for the allocation of resources. How the opportunity cost can be applied to the production process for the allocation of resources.
Under what circumstances will opportunity cost be zero?
opportunity cost is said to be zero(0) when resources are in abundance or when there is no cost in ascertaining your want. {ofofra}
Why does a nation experience increasing opportunity cost?
when the amount of resources increases, the opportunity cost of all goods and services increases
Law of decreasing opportunity cost?
Opportunity cost does not decrease, it increases, according to the law of increasing opportunity costs. This law states that the more of a product you produce the less efficient production of it will be and the more opportunity cost they will incur.
What do you understand by the term opportunity cost?
Opportunity cost is what you give up in order to get something else. Paying money is the opportunity cost for ice cream for example.
Give a example of an opportunity cost that an accountant might not count as a costwhy would the accountant ignore this cost?
An opportunity cost where money does not change hands does not count as a cost. An example of this is the owner's opportunity cost for an alternate employment, since money does not change hands.
Which would be an example of an opportunity cost?
HOUSING
What economic term for what you lose when using resources for something else?
The economic term for what you lose when using resources for something else is known as opportunity cost.
How can you find the opportunity cost of a country k produces five hundred military guns and thirty television set?
The opportunity cost is the labor and resources that go into producing 500 guns and 30 tv sets that could have been used elsewhere. The "elsewhere" is the opportunity cost. For example, if you make $10/hr working and you decide to sit home watching tv for 2 hours instead of working, your opportunity cost is $20.
Can opportunity cost be zero?
Opportunity cost can be zero if there are no scarcity in goods and services and resources used to produce such commodities that can lead consumers to make a choice to fulfill their wants
What is opportunity cost and can you provide an example of how it applies in decision-making?
Opportunity cost is the value of the next best alternative that is forgone when a decision is made. For example, if you choose to spend money on a vacation, the opportunity cost is the potential investment or savings you could have made with that money instead.
