Any cost which is incurred in past is called "Sunk Cost" while any cost which has to be secrificed while choosing between different alternatives is called "opportunity cost"
For example you have purchased machinery for 100000 in previous year and earned 10000 and now you have chance to start producing some other product which will earn you 11000 then switching to new plan will cause you 10000 which you are expecting to earn in current year as well so that 10000 is the opportunity cost you will lose while the machinery cost is a sunk cost because no matter which alternative you choose you cannot change that purchase of machinery decision now.
opportunity cost refers to the satisfaction of ones want at the expense of another want while marginal cost is the addition to total cost as a result of increasing output by one unit.
difference between cost and costing
Opportunity cost is that amount which is to forego by adapting different mutual exclusive investing opportunities while tradeoff value is the exchange value of old asset while purchasing same new asset.
whats the difference between cost and list?
There is no difference between the cost of goods sold and cost of sales. Both are same.What if Cost of Sales relates to a service rather than a "good"? Does that not signify a difference? For example a cost of sales for a service would contain no starting and finishing inventory component as is described in some texts as a way of calculating cost of goods sold.
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Real cost is the price which is real not a fake price
opportunity cost
opportunity cost refers to the satisfaction of ones want at the expense of another want while marginal cost is the addition to total cost as a result of increasing output by one unit.
Difference between revenue received from sale of an output & the opportunity cost of inputs used. (EVA)
Actual cost (real cost): Are those which are actually incurred by the firm in payment for labor, material, plant, building, machinery, equipment ,etc. Opportunity cost: The opportunity cost is the opportunity lost. An opportunity to make income is lost because of scarcity of resources like land, labor, capital etc., or the making of one decision over another decision.
Opportunity cost is what you give up in order to get something else. Paying money is the opportunity cost for ice cream for example.
HOUSING
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.
Since opportunity cost is defined as the cost of any activity measured in terms of the best alternative activity which is forgone, in this case, the opportunity cost can be a field for students to play around or a land where a library can be built. Another example, would be the opportunity cost of coming to school. This answer will be the time enjoyed going to the cinema or time spent with your partner. Hence, the opportunity cost of coming to school will be the cost of not going to cinema and spending time with your partner. Opportunity cost is defined, as the answer above says, as the difference between a course of action and another course of action. What the above answer misses is that opportunity cost is usually measured as the difference between the chosen action and the BEST alternative, not any other alternative. For instance, if you're choosing between 5 stocks, chose stock 1 and all 5 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. Unfortunately, there is no numerical way to measure the utility a university would get from various non-economic buildings like a library or cinema, so it would have to be up to the school board.
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difference between cost and costing