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Why do economists measure the cost of things when opportunity cost is what you actually are considering we when decide whether or not to purchase something?
it is easier for economists to measure "cost" than "opportunity cost"(because people's tastes are different and changeable)
Why do economists bother with implicit cost?
Because opportunity cost doesn't show up as an accounting expense.
What do economists the next best alternative that had to be given up for the one chosen?
opportunity cost
What do economists call the next best alternative?
Economists call opportunity cost the next best alternative that has been given up. This is the cost of forgoing something and picking an alternative like using college fees to start a business.
Why economists say competitive markets are efficient?
Economists say that competitive markets are efficient because when there is competition prices are lower. The more available an item, the less it will cost the consumer.
Why do economists measure the cost of things when opportunity cost is what you actually are considering we when decide whether or not to purchase something?
it is easier for economists to measure "cost" than "opportunity cost"(because people's tastes are different and changeable)
Why do economists bother with implicit cost?
Because opportunity cost doesn't show up as an accounting expense.
What do economists the next best alternative that had to be given up for the one chosen?
opportunity cost
What do economists call the next best alternative?
Economists call opportunity cost the next best alternative that has been given up. This is the cost of forgoing something and picking an alternative like using college fees to start a business.
Why economists say competitive markets are efficient?
Economists say that competitive markets are efficient because when there is competition prices are lower. The more available an item, the less it will cost the consumer.
How would an economists consider price and cost to be different?
Economists distinguish between price and cost in that price refers to the amount a buyer pays for a good or service, while cost refers to the expenses incurred by a producer to create that good or service. Price is determined by market dynamics, including supply and demand, whereas cost encompasses factors like production expenses, labor, and materials. Understanding this difference helps economists analyze market behavior, profitability, and the allocation of resources.
What do economists use to test solutions to questions for which there are no obvious or easy questions?
Cost benefit analyses
What do economists use to keep track of a nation's cost of living and how do they use this variable?
gross product
What do economists use to test solutions to question for which there are no obvious or easy answers?
Cost benefit analyses
What do economists used to test solutions to questions for which there are no obvious or easy answers?
Cost benefit analyses
What do economists call the next best alternative that had to be given up for the chosen one?
opportunity cost
What do economists use to test solutions to question for which there are no obvious are easy answers?
the answer is obviously cost benifit analysis
