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The optimal use of a resource take place when?
The benefit is greater than the opportunity cost.
What is the opposite of opportunity cost and how does it impact decision-making?
The opposite of opportunity cost is benefit or gain. When considering the benefit or gain of a decision instead of the opportunity cost, it can lead to a different perspective on decision-making. This can impact decision-making by focusing more on the potential positive outcomes rather than what is being given up.
When the benefit of one particular use of a resource is greater than the opportunity cost?
Being used efficiently
The potential benefit that is given up when one alternative is selected over another is called?
an opportunity cost
How do you calculate annual opportunity cost?
To calculate annual opportunity cost, identify the best alternative use of your resources, typically time or money, that you forgo when making a decision. Determine the potential returns or benefits associated with that alternative. Subtract any costs associated with pursuing that alternative from its expected returns to find the net benefit. The annual opportunity cost is then the forgone net benefit expressed on an annual basis.
The optimal use of a resource take place when?
The benefit is greater than the opportunity cost.
What was the benefit of the soviet union decision to concentrate on heavy industry What was the opportunity cost and who paid it?
The opportunity cost were the consumer goods and services.
What is shadow wage?
Shadow wage is the opportunity cost of labour, used in cost benefit analysis.
What is an oppourtunity cost?
When Mutual exclusive decision is to be made or projects to be selected, the benefit which is left due to selection of one project instead of other project is the 'Opportunity Cost' for selecting one project over other. Example: Project 1 benefit = 100000 Project 2 benefit = 200000 Opportunity cost for project 1 = 200000 Opportunity cost for project 2 = 100000
What is shadow wage rate?
Shadow wage is the opportunity cost of labour, used in cost benefit analysis.
What is the opposite of opportunity cost and how does it impact decision-making?
The opposite of opportunity cost is benefit or gain. When considering the benefit or gain of a decision instead of the opportunity cost, it can lead to a different perspective on decision-making. This can impact decision-making by focusing more on the potential positive outcomes rather than what is being given up.
Definition of scarcity and opportunity cost by Bernardo Villegas?
Opportunity cost refers to the economic benefit forgone by using a resource for one purpose rather than another.
What happens when the optimal use of a resource takes place?
The benefit is greater than the opportunity cost.
What is The optimal use of a resource takes place when happens?
The benefit is greater than the opportunity cost.
The potential benefit that is given up when one alternative is selected over another is called?
an opportunity cost
When the benefit of one particular use of a resource is greater than the opportunity cost?
Being used efficiently
How do you calculate annual opportunity cost?
To calculate annual opportunity cost, identify the best alternative use of your resources, typically time or money, that you forgo when making a decision. Determine the potential returns or benefits associated with that alternative. Subtract any costs associated with pursuing that alternative from its expected returns to find the net benefit. The annual opportunity cost is then the forgone net benefit expressed on an annual basis.
