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In economics what is cost?
cost of what you give up to get it
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 the opportunity cost of seeing a movie?
the opportunity cost of an item is what you give up to get that item. in this case, you want to see a movie, so you may have to give up the movie time to study or something else, that is your opportunity cost.
What you give up to obtain an item is called your?
Opportunity cost
Give a example of an opportunity cost that an accountant might not count as a costwhy would the accountant ignore this cost?
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.
In economics what is cost?
cost of what you give up to get it
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 the opportunity cost of seeing a movie?
the opportunity cost of an item is what you give up to get that item. in this case, you want to see a movie, so you may have to give up the movie time to study or something else, that is your opportunity cost.
What you give up to obtain an item is called your?
Opportunity cost
What is To give up something in order to an agreement?
opportunity cost
What you give up to obtain an item is called?
Opportunity cost
Give a example of an opportunity cost that an accountant might not count as a costwhy would the accountant ignore this cost?
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.
What you give up for taking some action is called the?
Opportunity Cost
Can you explain the concept of opportunity cost using a money analogy?
Opportunity cost is like choosing between spending money on a new phone or a vacation. If you pick the phone, the cost is not just the price of the phone, but also the missed opportunity to go on vacation. So, the opportunity cost is the value of the next best alternative that you give up when making a decision.
If choosing something means you give up something else what is the economic term for this?
The economic term for the cost of a choice is the opportunity cost.
Does an opportunity cost have value?
opportunity cost can have a value, especially if you are looking at such things as the college/job thing. If you go to college rather than take a job, your opportunity cost is the amount of money you lose from not working at the job. Opportunity cost does not always have to have a value. Again with the college/job example, if you take a job rather than go to college, your opportunity cost can be things like more education and college memories, etc. Opportunity cost is simply "what you give up". Therefore, if you are giving up money, your opportunity cost has a monetary value. If you are giving up education or experience or the like, your opportunity cost technically has no monetary value, but you are still giving something up. Hope that answers the question.
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.
