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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.
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What do economists the next best alternative that had to be given up for the one chosen?
opportunity cost
What do economits call the next best alternative that to be given up for the one chosen?
opportunity cost
What do economists call the percentage change in real GDP from one year to the next?
Growth rate, adjusted for inflation.
What is the possessive form of economists?
The possessive form of the plural noun economists is economists'.example: All of the economists' predictions are for improvement in the next quarter.
When one decision is made the next best alternative not selected is called?
Opportunity Cost
What do economists call the next best alternative that had to be given up for the chosen one?
opportunity cost
What do economists the next best alternative that had to be given up for the one chosen?
opportunity cost
What do economits call the next best alternative that to be given up for the one chosen?
opportunity cost
What do economists call the percentage change in real GDP from one year to the next?
Growth rate, adjusted for inflation.
What is the possessive form of economists?
The possessive form of the plural noun economists is economists'.example: All of the economists' predictions are for improvement in the next quarter.
What is the proxy for Canada?
The term "Proxy" refers to next best option. hence proxy is the available next best alternative
What is a synonym for the phrase 'next best alternative'?
A synonym for the phrase 'next best phrase' is very simple you if you want a synonym phrase then the proper answer would be take the middle word which in this case would be 'best' and switch the words around and find a synonm for alternative which would be thing so your synonym would be 'best next thing'
When one decision is made the next best alternative not selected is called?
Opportunity Cost
When one decision is made the next best alternative decision not selected is called?
Opportunity Cost
The value of the next best alternative given up to obtain an item is called?
Oppurtnity cost
What is the formula to calculate economic opportunity cost?
Opportunity Cost = Cost of Selected Alternative - Cost of Next Best Alternative If you want to buy a dress, purse, and earrings but you don't have enough money for all three, you ask yourself what do I need/want most? That is your "selected alternative. Then you ask yourself, what is the next thing I'd need/want if I could buy it? Then you would subtract that, "cost of next best alternative" from your original item, "cost of selected alternative." Dress= $100 Purse= $50 Earrings= $75 Opportunity cost of a dress (when you would ALSO want earrings (NBA), when having to choose over earrings or purse): 100-75= $25 $25 is the difference between the cost of the desired alternative and the cost of the next best alternative.
What is the meaning of opportunity lost?
In the economical term opportunity cost means the best next alternative forgone
