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What else can I help you with?
Opportunity cost of saving?
opportunity cost of saving is when you save money then economically spend from your saving this may vary to what person you are
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.
Is it possible to incur opportunity cost without spending any money?
Opportunity cost can also deal with time. For example, shopping at Wal-mart versus shopping at sears, Khols, and giant eagle will lower your opportunity cost. At Wal-mart you'll be able to find many of the items you'd typically be looking for when shopping (whether they are better or not is up to you). My point is that from this example, your opportunity cost is lower shopping at W-mart because you are saving time. In my opinion, opportunity cost means "time is money."
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 calculates the opportunity cost?
Opportunity cost is something for the next porpose.
You bought two new CDs with the last 30 in your checking account and your next payday is on Monday. What is the opportunity cost of these CDs?
The opportunity cost of buying the two new CDs with your last $30 is the alternative uses of that money, such as saving it for future expenses or using it to purchase necessities before your next payday. Additionally, it may limit your ability to cover any unexpected costs that arise before you receive your next paycheck. Essentially, the opportunity cost reflects the potential benefits you forgo by choosing to spend your money on the CDs instead of saving or using it elsewhere.
Is opportunity cost a relevant cost?
Yes, opportunity cost is a relevant cost because it can be used in something more productive.
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 cost saving?
If something is saving cost it means that you are not spending as much money. Packing a lunch is cost saving because you are not spending as much money to eat lunch out.
Why does opportunity cost vary?
Opportunity Cost can vary depending on what you are giving up exactly.
What are some examples of opportunity cost in decision-making processes?
Opportunity cost refers to the benefits that are forgone when choosing one option over another. Examples of opportunity cost in decision-making processes include choosing to study for a test instead of going out with friends, investing in stocks instead of saving money in a bank account, or spending time volunteering at a charity instead of working a part-time job for extra income.
What does increasing marginal opportunity cost mean?
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
