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The opportunity cost of a new national park is that....?
Alternatives uses for the land and funding fr the park.
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.
Opportunity cost definition?
The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.
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.
When a decision is made among a number of alternatives the benefit that is lost by choosing one alternative over another is the?
Opportunity Cost
Is the opportunity cost rate a single number used in all situations?
No, the opportunity cost does not rate a single number that is used in all situations.
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.
Why does a nation experience increasing opportunity cost?
when the amount of resources increases, the opportunity cost of all goods and services increases
What is opportunity coast?
This is define as an expression of cost in terms of forgone alternatives. It also refers to the wants that are left unsatisfied in order to satify another more pressing needs
The potential benefit lost by choosing a specific action from 2 or more alternatives?
The potential benefit lost by choosing a specific action from 2 or more alternatives is known as opportunity cost. It refers to the value of the next best alternative that is forgone when a decision is made. Understanding opportunity cost helps in making more informed decisions by considering the trade-offs involved in choosing one option over another.
What is the nature of opportunity cost?
In economics, the opportunity cost is the next best alternative forgone in a decision. The next best alternative is determined by the values of the consumer making the decision.For example: a consumer must to choose between going to the beach, going to the cinema, or staying at home for the day (they can only do one of these for the day). The consumer values the options in this order (from most-desired to least-desired): 1) going to the beach, 2) going to the cinema, 3) staying at home. If the consumer decides to go to the beach, the opportunity cost is going to the cinema, as this is the next best alternative for the consumer. Staying at home is not the opportunity cost, as it is not the next best alternative.There is only one opportunity cost in a decision; this is the next best alternative. All other less-desirable alternatives are not considered opportunity costs in a decision.
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
