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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.
What is the economic term for sacrifice foregone?
Opportunity cost or real cost.
What is the meaning of opportunity lost?
In the economical term opportunity cost means the best next alternative forgone
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.
If choosing something means you give up something else what is the economic term for this?
The economic term for the cost of a choice is the opportunity cost.
What is the economic term for Having to choose between two things?
Opportunity Cost.
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.
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 Does The Term Opportunity cost Means To A Consumer?
Opportunity cost is defined as the cost of any activity measured in terms of the best alternative activity which is forgone. For instance, if you're choosing between 4 stocks, chose stock 1 and all 4 stocks go up, but stock 3 rises the most, you measure your opportunity cost against ONLY stock 3. So the opportunity cost in this case would be the BEST alternative.
What is the 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.
What term is used 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.
When describing the opportunity cost of two producers economists use the term?
When describing the opportunity cost of two producers, economists use the term "comparative advantage." This refers to the ability of a producer to create a good or service at a lower opportunity cost than another producer. By specializing in the production of goods where they hold a comparative advantage, both producers can benefit from trade, leading to increased overall efficiency and resource allocation.
