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When making a choice between two things what is the one that you give up called?
In economics, the value of a forgone choice is called an "opportunity cost" because it represents a potential value that is lost, at least initially.There are several adjectives for things not chosen, including alternative, bypassed, forgone, deferred, or unpicked.
A benefit profit or value of something that must be given up to acquire or achieve something else is known as..?
A benefit, profit, or value that must be given up to acquire or achieve something else is known as an opportunity cost. It represents the potential gains lost when one alternative is chosen over another. Understanding opportunity costs is crucial for making informed decisions, as it helps individuals and businesses evaluate the relative worth of different options.
When a decision is made among a number of alternatives the benefit that is lost by choosing one alternative over another is the?
Opportunity Cost
What type of cost is what you cannot buy or do when choosing to do one thing rather than another?
The type of cost you're referring to is known as an "opportunity cost." It represents the benefits or value lost when you choose one option over another. Essentially, it reflects the potential gains you forgo by not selecting the next best alternative. Understanding opportunity costs is crucial for making informed economic decisions.
What is the best definition of opportunity cost?
The benefits lost when making one choice over another
When making a choice between two things what is the one that you give up called?
In economics, the value of a forgone choice is called an "opportunity cost" because it represents a potential value that is lost, at least initially.There are several adjectives for things not chosen, including alternative, bypassed, forgone, deferred, or unpicked.
A benefit profit or value of something that must be given up to acquire or achieve something else is known as..?
A benefit, profit, or value that must be given up to acquire or achieve something else is known as an opportunity cost. It represents the potential gains lost when one alternative is chosen over another. Understanding opportunity costs is crucial for making informed decisions, as it helps individuals and businesses evaluate the relative worth of different options.
When a decision is made among a number of alternatives the benefit that is lost by choosing one alternative over another is the?
Opportunity Cost
The item or value that is lost when someone makes an economic decision, otherwise known as the "next best alternative" to the choice made?
I think I get a sout out of the house for
What genre of music is lost profits?
Hard Rock/ Alternative Rock
What is the best definition of opportunity cost?
The benefits lost when making one choice over another
The potential benefit lost by choosing a specific action from 2 or more alternatives?
The potential benefit lost by choosing a specific action from 2 or more alternatives is known as opportunity cost. It refers to the value of the next best alternative that is forgone when a decision is made. Understanding opportunity cost helps in making more informed decisions by considering the trade-offs involved in choosing one option over another.
What actors and actresses appeared in Lost for Words - 2005?
The cast of Lost for Words - 2005 includes: Anna Nugent as Alternative Therapist
Have you ever lost your license in another state?
No, I have never lost my license in another state.
US leader Attack on Pearl Harbor?
Admiral Husband E. Kimmel was the Admiral who was the head of the Fleet in Pearl Harbor. He was reassigned and lost his command of the Fleet. Another Admiral was chosen, Nimitz I believe.
How opportunity cost is measured?
how is opportunity cost measured {Finding the value of the best options that is not chosen.}
How did people find out about the great depression?
They usually found out when they either lost their jobs or their stock lost 90% of its value. If neither of these happened to them then they found out from their less fortunate brethren who either lost their jobs or lost 90% of the value of their stocks.
