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How can you apply the economic concept of opportunity cost in your life?
Wiki User
∙ 11y ago
This is an excellent question. We dont apply, our life stands on the foundation of opportunity cost, everytime you choose one thing over the other, you do it with the opportunity cost in mind, that the loss due to giving up what you rejected will be overdone by the gain from what you choose. This is true for everything in life, buying things, loving someone, or choosing death over life.
Wiki User
∙ 11y ago
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What is the central economic problem that all societies have to face using the concept of opportunity cost?
What is the central economic problem
How is the concept opportunity cost relevant to the economy of West African countries?
How is the concept of opportunity cost relevant to the economy of west African countries
How is the concept of opportunity relevant to the economy of west African countries?
How is the concept of opportunity cost relevant to the economy of west African countries
What is the economic term for sacrifice foregone?
Opportunity cost or real cost.
What are royalties in economic s?
they are the seperation of the opportunity cost
What is the central economic problem that all societies have to face using the concept of opportunity cost?
What is the central economic problem
How is the concept opportunity cost relevant to the economy of West African countries?
How is the concept of opportunity cost relevant to the economy of west African countries
Concept of opportunity cost and its importance?
Nice
Which economic concept is illustrated if an individual could afford either automobile but decides to purchase a Chevrolet Camaro instead of a Chevrolet Corvette?
opportunity cost
Opportunity cost is?
Opportunity cost is the highest-valued alternative foregone in order to take an economic action.
How is the concept of opportunity relevant to the economy of west African countries?
How is the concept of opportunity cost relevant to the economy of west African countries
What is the economic term for sacrifice foregone?
Opportunity cost or real cost.
What are royalties in economic s?
they are the seperation of the opportunity cost
Why are costs important in economics?
How do firms incorporate opportunity cost to calculate economic cost? discuss and give example using an explicit economic cost and an implicit economic cost.
How is the concept of opportunity cost relevant to the economy of west African countries?
How is the concept of opportunity cost relevant to the economy of west African countries
Why is the cost of capital concept so important?
Cost of capital is cost of debt and cost of equity. The concept of cost of capital is important as it depicts the opportunity cost of making a specific investment.
Which economic concept is illustrated if an individual who could afford either a Chevrolet camaro or a Chevrolet Corvette decides to purchase the camaro instead of the corvette?
conspicuous consumption Opportunity Cost
