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When a financial decision is being made, the more choices you have will help determine the best opportunity. To calculate the opportunity cost, compare each opportunity based on a similar unit of measurement. This can be cash, weight, or products. Evaluate cost by hour, day, week, or year for each option. Evaluate each opportunity by what would be gained if you chose an alternative opportunity. Add up the costs associated with each opportunity. Make your choice based on which opportunity cost is higher.
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Which of the following statements accurately describes how cost and benefits care calculated?
Calculations of cost and benefit are based on personal preference
Which describes comparative advantage?
Existence of lower opportunity cost then competitors
What statement accurately describes how costs and benefits are calculated?
Calculations of cost and benefit are based on personal preferences.
How is opportunity cost calculated?
finding the value of the best choice that is not chosen
How is an opportunity cost calculated?
Finding the value of the best option that is not chosen
Which of the following statements accurately describes how cost and benefits care calculated?
Calculations of cost and benefit are based on personal preference
What describes how opportunity cost is calculated?
When a financial decision is being made, the more choices you have will help determine the best opportunity. To calculate the opportunity cost, compare each opportunity based on a similar unit of measurement. This can be cash, weight, or products. Evaluate cost by hour, day, week, or year for each option. Evaluate each opportunity by what would be gained if you chose an alternative opportunity. Add up the costs associated with each opportunity. Make your choice based on which opportunity cost is higher.
Which describes comparative advantage?
Existence of lower opportunity cost then competitors
What statement accurately describes how costs and benefits are calculated?
Calculations of cost and benefit are based on personal preferences.
How is opportunity cost calculated?
finding the value of the best choice that is not chosen
Is interest earned calculated by multiplying the principle times the opportunity cost?
No.
How is an opportunity cost calculated?
Finding the value of the best option that is not chosen
What accurately describes how costs and benefits are calculated?
Costs and benefits are calculated by identifying all relevant expenses and gains associated with a particular decision or action. These can include direct costs, such as purchase price or operating expenses, as well as indirect costs and intangible benefits. The goal is to compare the total costs against the total benefits to determine whether the decision is financially viable.
Which of the following accurately explains how profit is calculated (Apex)?
cost are subtracted from revenues
Opportunity cost is calculated by what?
Finding the value of the best option that is not chosen. apex
What opportunity cost is calculated?
Finding the value of the best option that is not chosen. apex
Which of the following best describes the relationship between trade-offs and opportunity costs?
opportunity cost are incurred when trade-offs are made
