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Opportunity cost refers to the value of the next best alternative that is forgone when making a decision. For example, if you choose to spend your evening studying for an exam instead of going out with friends, the opportunity cost is the enjoyment and social interaction you miss out on. Understanding opportunity cost helps individuals and businesses make more informed choices by considering what they are sacrificing.
What else can I help you with?
What economic term for what you lose when using resources for something else?
The economic term for what you lose when using resources for something else is known as opportunity cost.
What is the economic term for what you lose when using resources for something else?
The economic term for what you lose when using resources for something else is known as opportunity cost.
What do you understand by the term opportunity cost?
Opportunity cost is what you give up in order to get something else. Paying money is the opportunity cost for ice cream for example.
What is the economic term for sacrifice foregone?
Opportunity cost or real cost.
What is the meaning of opportunity lost?
In the economical term opportunity cost means the best next alternative forgone
What economic term for what you lose when using resources for something else?
The economic term for what you lose when using resources for something else is known as opportunity cost.
What is the economic term for what you lose when using resources for something else?
The economic term for what you lose when using resources for something else is known as opportunity cost.
What term is used for what you lose when using resources for something else?
The economic term for what you lose when using resources for something else is known as opportunity cost.
What is the economic terms for what you lose when using resources else?
The economic term for what you lose when using resources for something else is known as opportunity cost.
What do you understand by the term opportunity cost?
Opportunity cost is what you give up in order to get something else. Paying money is the opportunity cost for ice cream for example.
What is the economic term for sacrifice foregone?
Opportunity cost or real cost.
What is the meaning of opportunity lost?
In the economical term opportunity cost means the best next alternative forgone
If choosing something means you give up something else what is the economic term for this?
The economic term for the cost of a choice is the opportunity cost.
What is a sentence using the word tarry?
Meaning "to hesitate" or more generally "to delay," the term "tarry" has many useful applications in contemporary English. One example-sentence for it is the following: "Choosing to tarry when an opportunity arises is not advisable. "
Can you show me a sentence using the term parliamentary democracy?
the people elected the Parliament for the parliamentary democracy (i know its not the best sentence but its still a sentence using the term)
Can you write a sentence using the word it is?
It is entirely possible to write a sentence using the term 'it is'.
What is the economic term for Having to choose between two things?
Opportunity Cost.
