"cost" represents the money paid for something and "opportunity cost" is the value of the thing given up when one chooses something else.
Trade-off uses the gun's and butter decision while opportunity cost is the most desirable alternative insted of the gun's and butter decision :)
Trade-off uses the gun's and butter decision while opportunity cost is the most desirable alternative insted of the gun's and butter decision :)
Trade-off uses the gun's and butter decision while opportunity cost is the most desirable alternative insted of the gun's and butter decision :)
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
Opportunity cost means that there is an opportunity to get something in a lower cost. __by Alondra Rico
Opportunity cost is something for the next porpose.
Yes, opportunity cost is a relevant cost because it can be used in something more productive.
Opportunity cost is what you give up in order to get something else. Paying money is the opportunity cost for ice cream for example.
Opportunity Cost can vary depending on what you are giving up exactly.
As we decide to choose more units of anything, the opportunity cost of each additional unit will rise. This means that the opportunity cost of the second unit will be greater than that of the first unit. The opportunity cost of the third unit will be greater than that of the second unit. And so forththe law of opportunity cost states that the more of a product that is produced,the greater is its opportunity cost,hence increasing marginal opportunity cost in simple terms refers to an extra or additional opportunity cost of foregoing other products to produce a unit of another product
Real cost is the price which is real not a fake price