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Is a higher or lower opportunity cost better when making decisions?
A lower opportunity cost is generally better when making decisions because it means sacrificing less to pursue a particular choice.
What is one country of comparative advantage in the production of a certain good?
It has a lower opportunity cost for production of that good.
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
When does Country A have a comparative advantage over Country B in the production of televisions?
Country A has a lower opportunity cost for producing televisions.
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."
Is a higher or lower opportunity cost better when making decisions?
A lower opportunity cost is generally better when making decisions because it means sacrificing less to pursue a particular choice.
What is one country of comparative advantage in the production of a certain good?
It has a lower opportunity cost for production of that good.
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
Why do people leave puerto rico?
Mostly for economic opportunity (better paying jobs and lower cost of living)
When does Country A have a comparative advantage over Country B in the production of televisions?
Country A has a lower opportunity cost for producing televisions.
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."
How is a comparative advantage obtained?
by producing a product with a lower opportunity cost
Which describes comparative advantage?
Existence of lower opportunity cost then competitors
If Luke can bake bread at a lower opportunity cost than Jason and Jason can produce paintings at a lower opportunity cost than Luke it follows that?
If Luke can bake bread at a lower opportunity cost than Jason, while Jason can produce paintings at a lower opportunity cost than Luke, it indicates that they have different comparative advantages. Luke should specialize in baking bread, while Jason should specialize in painting. By each focusing on their respective strengths, they can trade to benefit from each other's production, maximizing overall efficiency and output.
Is a higher opportunity cost better in decision-making?
No, a higher opportunity cost is not better in decision-making. It means that the value of the next best alternative is greater, which can make the decision more costly or less beneficial.
How does opportunity cost affect choices?
Opportunity cost refers to the highest-valued option forgone.When one particular choice's cost increases, people have lower incentive to choose that choice as people tend to choose a least-cost option.
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.
