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When a decision is made among a number of alternatives the benefit that is lost by choosing one alternative over another is the?
Opportunity Cost
What type of cost is what you cannot buy or do when choosing to do one thing rather than another?
The type of cost you're referring to is known as an "opportunity cost." It represents the benefits or value lost when you choose one option over another. Essentially, it reflects the potential gains you forgo by not selecting the next best alternative. Understanding opportunity costs is crucial for making informed economic decisions.
What are some examples of opportunity cost?
Opportunity cost is divided in to further two cost:Implicit cost and explicit cost Suppose there is a man who has two options to earn 1. To go abroad 2. To start a business of printing from the capital which he had in amount of 1.4million Now if he refuses the option of not to go abroad but from economics point of view he also refuses the income which he earn if he goes abroad He tolerates this income indirectly.But if he choose 2nd option he has to pay for starting the business In this case implicit cost is the choosing of first option and explicit cost is the choosing the second option In other words explicit cost can be defined as the cost which is paid for acquiring resources
How production possibility curve can solve the basic problem of an economy?
The production possibility curve (PPC) illustrates the trade-offs an economy faces when allocating its limited resources between different goods and services. By showing the maximum potential output combinations, the PPC helps identify efficiencies and inefficiencies in production, guiding policymakers in resource allocation decisions. It also highlights opportunity costs, enabling an understanding of the potential benefits lost when choosing one option over another. Ultimately, the PPC serves as a tool for optimizing production and achieving economic efficiency.
This is the value lost when one alternative is chosen over another?
Opportunity Cost
The potential benefit lost by choosing a specific action from 2 or more alternatives?
The potential benefit lost by choosing a specific action from 2 or more alternatives is known as opportunity cost. It refers to the value of the next best alternative that is forgone when a decision is made. Understanding opportunity cost helps in making more informed decisions by considering the trade-offs involved in choosing one option over another.
When a decision is made among a number of alternatives the benefit that is lost by choosing one alternative over another is the?
Opportunity Cost
the potential economic benefits that are lost by making one choice instead of another are called what?
Opportunity costs
What happens if golfer's ball is lost?
You are penalized one stroke and you must go back and play another ball from where you played your last shot. This is your only option.
What books are like Percy Jackson and A Lost Hero?
Well another book series is the Kane Chronicles and it is about Egyptian mythology instead of Greek.
If a dog is lost in a large cornfield. how do you find it?
If a dog is lost in a cornfield, first call the dog while walking around the field to locate it. If the dog is not found, another option is to wait 24 hours to see if the dog comes home. If the dog does not return in 24 hours, a Pet Amber Alert could be an option.
Have you ever lost your license in another state?
No, I have never lost my license in another state.
What should you do if you have lost your serial number for a program?
Contact the maker and request another. Don't be surprised if they arent exactly cooperative though, your only option may be to purchase the game again.
Why is bobby flay now on worst cooks in America instead of Robert Irvine?
Because Robert Irvine lost to Ann Burrell last season. She had to have another challenger for this season.
What is the purpose of undo option?
to bring that thing which u lost (ctrl+z)
What does the lost generation refer to?
The Lost Generation attacked the status quo, which they no longer believed in, as a result of World War I. They rejected the traditional values like courage and patriotism, choosing instead to focus on material gain and a reckless lifestyle. Abstract ideals were abandoned for concrete realism. Writers of the Lost Generation focused on decadence, an idealized past, and expectations based on gender.
What to do when your webcam is lost?
Buy another
