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"cost" represents the money paid for something and "opportunity cost" is the value of the thing given up when one chooses something else.
Parker Kiehn
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What is opportunity cost and opportunity benefit?
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
How does opportunity cost vary?
Opportunity costs vary because people's desires for different objects vary. When a person gives up something that they want for something else that they want they have created an opportunity cost.
Why do economists measure the cost of things when opportunity cost is what you actually are considering we when decide whether or not to purchase something?
it is easier for economists to measure "cost" than "opportunity cost"(because people's tastes are different and changeable)
What are 4 different types of opportunity cost?
Increasing, Decreasing, Constant, and 0.
Why is opportunity cost measured in monetary terms?
To make it different from trade-off
What does the word opportunity cost means?
Opportunity cost means that there is an opportunity to get something in a lower cost. __by Alondra Rico
What is opputunity cost?
Cost that you have to bear to choose between different alternatives is called opportunity cost so if somebody is working for monthly salary of 10000 provided with a new project which is earning 15000 then 10000 is the opportunity cost for starting new project.
What calculates the opportunity cost?
Opportunity cost is something for the next porpose.
How are trade-offs and opportunity cost different?
The trade-offs and opportunity costs are different from an economic standpoint in the sense that trade-offs are situations where you give up one thing in favor of another.
How trade-off and opportunity cost different?
The trade-offs and opportunity costs are different from an economic standpoint in the sense that trade-offs are situations where you give up one thing in favor of another.
Is opportunity cost a relevant cost?
Yes, opportunity cost is a relevant cost because it can be used in something more productive.
What role do scarcity and opportunity cost play in making management decisions?
If you do not have a resource, you will have to make different decisions. If you have an opportunity come up, you may have to change your plan.
