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"trade-off" as the choice you have to make between two options, given limited resources and the ability to only choose one. After you make the choice, the "opportunity cost" is the lost chance to enjoy an item you did NOT select because of the choice you just made.
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How is opportunity cost related to the supply of goods and services?
Opportunity cost: Determining whether a purchase is a need or a want and realizing that once the money has been spent, it is gone.
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.
How is poverty and opportunity related?
Are, not is. *How ARE poverty and opportunity related?*
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.
How are the concepts of scarcity choice and opportunity cost related?
No, scarcity, choice and opportunity are not related to cost. All of these aspects of business are related to availability. Sometimes, costs plays a role though.
How is opportunity cost related to the supply of goods and services?
Opportunity cost: Determining whether a purchase is a need or a want and realizing that once the money has been spent, it is gone.
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.
How is poverty and opportunity related?
Are, not is. *How ARE poverty and opportunity related?*
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 is Cost as an Independent Variable is most concerned with?
DAU Class correct answer: Making tradeoffs in performance and schedule to acheive cost objectives within affordability constraints.
What calculates the opportunity cost?
Opportunity cost is something for the next porpose.
What is opportunity cost all about?
The cost of an alternative that must be forgone in order to pursue a certain action. Opportunity cost is the cost of any activity measured in terms of the value of the next best alternative forgone (that is not chosen). It is the sacrifice related to the second best choice available to someone. Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice". The notion of opportunity cost plays a crucial part in ensuring that scarce resources are used efficiently.
Manufacturing tradeoffs are made throughout the design process among three areas producibility cost?
operational capability
Is opportunity cost a relevant cost?
Yes, opportunity cost is a relevant cost because it can be used in something more productive.
A highly producible design will increase .?
Tradeoffs in cost involve examining the development of alternative designs, _________________ and the required industrial base capability.
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.
