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opportunity cost

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When making a choice between two things what is the one that you give up called?

In economics, the value of a forgone choice is called an "opportunity cost" because it represents a potential value that is lost, at least initially.There are several adjectives for things not chosen, including alternative, bypassed, forgone, deferred, or unpicked.


What is safety as value choice vs compliance?

Many companies feel that safety as a value choice is very important. Safety as a value choice is a protection of oneself. However, if safety is followed than compliance is sure to follow.


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The value of -3 to the second power is 9.


In the number 213954670 which digit has the second greatest value?

The digit with the second greatest value in the number is '1'. its value is second to the largest number which is 2.


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The first number in an ordered pair is the x-value and the second number is the y-value These two numbers are called the of the point?

Cartesian coordinates. Also, the abscissa and the ordinate.


What is a rule of matching elements to two sets of numbers in which an input value from the first set only has one output value in the second set?

its called ask your teacher


What is the value of the next best alternative in any choice called?

The value of the next best alternative in any choice is called "opportunity cost." It represents the benefits or value that an individual foregoes by choosing one option over another. This concept is crucial in economics and decision-making, as it helps individuals and businesses evaluate the potential trade-offs involved in their choices. Understanding opportunity cost can lead to more informed and effective decision-making.


What is the value of Tom Sawyer copyright 1955?

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What represents the value of the second-best alternative that a person gives up when making a choice?

The value of the second-best alternative that a person gives up when making a choice is known as the opportunity cost. It reflects the potential benefits or utility that could have been gained from that alternative. By evaluating opportunity costs, individuals can make more informed decisions by considering not just the immediate benefits of their chosen option, but also what they are sacrificing. This concept is crucial in economics and decision-making processes.


The name of numbers in an ordered pair?

the x value (First) is called the "ordinate" and the Y value (Second) is called the "abscissa" Hope this helped. * * * * * I hope not - because it is the wrong way around! For a point (x, y), x is the abscissa and y is the ordinate!


How do you select all the records from a table named Persons where the value of the column FirstName starts with an a?

To select all records from the "Persons" table where the value of the column "FirstName" starts with 'a', you can use the following SQL query: SELECT * FROM Persons WHERE FirstName LIKE 'a%'; This query will retrieve all records where the "FirstName" column starts with the letter 'a'.