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What generates the law of increasing opportunity costs?
The law of increasing opportunity costs states that the more of a product that is produced the greater is its opportunity cost.
What are the examples to increase the opportunity cost in tourism?
the increased opportunity costs in tourism
What is the difference between an economic cost and accounting cost?
Economic costs look refers to a combination of accounting costs(Explicit costs),Implicit costs and opportunity costs. Accounting costs only considers financial and costs incurred or agreed to be payed in order to produce a good or a service.
What is thinking at the margin?
The opportunity costs and the benefits.
Why can't opportunity costs exist without scarcity?
because opportunity itself is scarce too
When are opportunity costs present?
Every time a choice is made, opportunity costs are assumed.
What generates the law of increasing opportunity costs?
The law of increasing opportunity costs states that the more of a product that is produced the greater is its opportunity cost.
What are the examples to increase the opportunity cost in tourism?
the increased opportunity costs in tourism
What is the difference between an economic cost and accounting cost?
Economic costs look refers to a combination of accounting costs(Explicit costs),Implicit costs and opportunity costs. Accounting costs only considers financial and costs incurred or agreed to be payed in order to produce a good or a service.
What is thinking at the margin?
The opportunity costs and the benefits.
What is the relationship between trade and opportunity costs?
The relationship between trade offs and opportunity costs is that they both have to do with economics. A person has to make a choice that would have to sacrifice.
Why can't opportunity costs exist without scarcity?
because opportunity itself is scarce too
What is cost classification?
Cost classification refers to different kinds of existing costs in Economics. In microeconomic theory, there are opportunity costs, fixed and variable costs, as well as sunk costs and production costs. In accounting and management theory, costs can be direct and non-direct. There are also transferring costs and sunk costs (as in Microeconomics).
What is the relationship between Trade-offs and opportunity costs?
The relationship between trade offs and opportunity costs is that they both have to do with economics. A person has to make a choice that would have to sacrifice.
Is opportunity cost define as the real cost or the variable cost?
The opportunity cost is defined as alternative cost - costs measured in output of products and services forgone.It can't be defined as variable cost. In the simple formula p = 2q + 100, we can say that 2 is the variable cost. In other words: it's not fixed like the 100.Opportunity costs are not restricted to financial or monetary costs though. The real costs of output forgone (e.g. when choosing between a number of products like shotguns and bananas), lost time / pleasure, or any other benefit that provides benefit should also be considered opportunity costs. Therefore real costs are part of opportunity costs.
When an action is undertaken by a consumer what kind of costs emerge?
opportunity
Why is the ppf concave to the origin?
because it has increasing opportunity costs
