the most desirable alternative given up in a decision
it is false trust me i got it correct on my e2020 quiz
oppertunity cost
trade-off
The next best alternative that is given up when a decision is made is called the opportunity cost. It represents the value of the benefits that could have been gained from choosing that alternative instead. Understanding and considering opportunity costs is important in decision-making as it helps individuals and businesses make more informed choices and assess the true value of their decisions. By recognizing and weighing opportunity costs, decision-makers can make more strategic and efficient choices that lead to better overall outcomes.
Opportunity cost is determined by considering the value of the next best alternative that is forgone when making a decision. It involves weighing the benefits of the chosen option against what is given up by not choosing an alternative. By comparing the benefits and drawbacks of each option, one can assess the opportunity cost and make a more informed decision.
it is false trust me i got it correct on my e2020 quiz
Opportunity cost is the phrase used to describe the best alternative given up by a particular decision. The term is often associated with economics.
Opportunity cost is the phrase used to describe the best alternative given up by a particular decision. The term is often associated with Economics.
oppertunity cost
trade-off
Financial planning - A strategy to save for financial goals. Opportunity cost - The best alternative given up when making a certain decision. Risk aversion - Reluctance for taking chances. Utility - Personal satisfaction gained from consumption.
The next best alternative that is given up when a decision is made is called the opportunity cost. It represents the value of the benefits that could have been gained from choosing that alternative instead. Understanding and considering opportunity costs is important in decision-making as it helps individuals and businesses make more informed choices and assess the true value of their decisions. By recognizing and weighing opportunity costs, decision-makers can make more strategic and efficient choices that lead to better overall outcomes.
Opportunity cost is determined by considering the value of the next best alternative that is forgone when making a decision. It involves weighing the benefits of the chosen option against what is given up by not choosing an alternative. By comparing the benefits and drawbacks of each option, one can assess the opportunity cost and make a more informed decision.
Decision in Brown v. Board of Education.
That type of decision is made internally and behind closed doors. however as in any situation of this kind the decision is made as a result of the powers that have the most power at a given time. these are powers over life and death.
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