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The choice you give up when you make an ecenomic decision?
Abby1aryn2rox
The alternative good or service that can no longer get because you chose something else is an opportunity cost. Example: If you only have $1.00 and buy a candy bar for $1.00, you can no longer buy a bottle of soda that is $1.00. The bottle of soda would be the opprtunity cost.
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∙ 15y ago
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Why does choice create opportunity cost?
choice involves selecting for which good or service to go for or the best alternative.
What are you doing when you make a decision at the margin?
In Economics, marginal decision making helps to analyze various factors. When you make a decision at the margin, you evaluate rationality in an attempt to come to the best choice.
To make no decision is to make a decision what does that mean?
You have to make a decision to not make a decision. It means what it means.The phrase indicates that failing to change the status quo is also a decision, when either choice would change that condition or the circumstances under which it would be considered. For example : if the choice is to buy white socks or blue socks, failing to decide means you have no new socks of any color. In many cases, it could mean that the decision (or change) will be made by another person or event.
Most suitable example of decision making?
One of the biggest decision's one will make is your choice of a career. A recent documentary The YES movie featuring some young entrepreneurs and how they made up their mind to chase for their dreams.
How scarcity and choice related?
Due to scarcity, choices have to be made. Choices will be made after the opportunity cost of a decision is weighed up.Example: you need a drink. you have just enough for one can of drink. the choice is coca cola or pepsi. You want both - because you are human - but you have scarce resources - money. You have to make a choice. You choose coke - so therefore the can of pepsi becomes your opportunity cost - its what you could have had, but because of your decision, you missed out on it.
Why does choice create opportunity cost?
choice involves selecting for which good or service to go for or the best alternative.
Is decision an synonym for teach?
No. Decision means to make a choice. However, you can make a decision to teach- or not to teach, or to have a cheeseburger.
What is difference between make decision and decide?
"Decision" is a noun, and "decide" is a verb. A decision is the choice made by somebody, and "decide", or, "to decide", is the act of making that choice.
What is a word for make a choice?
It is making a good decision.
What is a synonm for decision?
make a decision, make up your mind, choose, determine, conclude, answer, resolve, ordain, adjudicate
What is meant by decision-making?
What is meant by decision making is someone making a choice. Options are given that pertain to a certain situation and a decision or choice is made. An example would be the decision to make chicken or meatloaf for dinner.
What does make a choice mean?
Means to make a decision to pick one of the choices offered
What decision do chairmen make in business?
They give orders, and they give final say in decision making
What does it mean to make a moral choice?
A decision becomes a moral dilemma when the decision leads to the breaching some kind of moral principal.
If an ads job is to persuade uswhat is our job?
To think and make a good decision anyway.
What are you doing when you make a decision at the margin?
In Economics, marginal decision making helps to analyze various factors. When you make a decision at the margin, you evaluate rationality in an attempt to come to the best choice.
To make no decision is to make a decision what does that mean?
You have to make a decision to not make a decision. It means what it means.The phrase indicates that failing to change the status quo is also a decision, when either choice would change that condition or the circumstances under which it would be considered. For example : if the choice is to buy white socks or blue socks, failing to decide means you have no new socks of any color. In many cases, it could mean that the decision (or change) will be made by another person or event.
