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∙ 16y ago
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What do economists the next best alternative that had to be given up for the one chosen?
opportunity cost
How can you apply the economic concept of opportunity cost in your life?
This is an excellent question. We dont apply, our life stands on the foundation of opportunity cost, everytime you choose one thing over the other, you do it with the opportunity cost in mind, that the loss due to giving up what you rejected will be overdone by the gain from what you choose. This is true for everything in life, buying things, loving someone, or choosing death over life.
Why do opportunity cost increase as society produces more of a good?
Because when one produces one product, the opportunity cost of the other product increases. The concave represents the increasing opportunity cost with the production of a good.
What is one country of comparative advantage in the production of a certain good?
It has a lower opportunity cost for production of that good.
What is the concept of opportunity cost?
Opportunity cost is a similar concept to cost of capital, except that it suggests that "your money can only be spent once." The opportunity cost of a purchase is the loss of potential value (monetary or otherwise) incurred because one item is purchased rather than another. For example: the opportunity cost of buying a coat might be the value of having new shoes instead. In supply and demand, the question is of capital and equipment utilization -- how much of other products must you choose not to make in order to make a unit of a product? For example: how many caps will be made instead of gloves, where the opportunity cost is the value of the gloves that will not be made (the choice that was not taken).
What do economists the next best alternative that had to be given up for the one chosen?
opportunity cost
How can you apply the economic concept of opportunity cost in your life?
This is an excellent question. We dont apply, our life stands on the foundation of opportunity cost, everytime you choose one thing over the other, you do it with the opportunity cost in mind, that the loss due to giving up what you rejected will be overdone by the gain from what you choose. This is true for everything in life, buying things, loving someone, or choosing death over life.
Why do opportunity cost increase as society produces more of a good?
Because when one produces one product, the opportunity cost of the other product increases. The concave represents the increasing opportunity cost with the production of a good.
What is one country of comparative advantage in the production of a certain good?
It has a lower opportunity cost for production of that good.
What is the concept of opportunity cost?
Opportunity cost is a similar concept to cost of capital, except that it suggests that "your money can only be spent once." The opportunity cost of a purchase is the loss of potential value (monetary or otherwise) incurred because one item is purchased rather than another. For example: the opportunity cost of buying a coat might be the value of having new shoes instead. In supply and demand, the question is of capital and equipment utilization -- how much of other products must you choose not to make in order to make a unit of a product? For example: how many caps will be made instead of gloves, where the opportunity cost is the value of the gloves that will not be made (the choice that was not taken).
How does cost different from opportunity?
"cost" represents the money paid for something and "opportunity cost" is the value of the thing given up when one chooses something else.
How does cost differ from opportunity costs?
"cost" represents the money paid for something and "opportunity cost" is the value of the thing given up when one chooses something else.
Where can one get jobs in Warrington?
There are many job opportunities in Warrington. One of which is at Wegmans, a supermarket. Another job great job opportunity would be a massage therapist.
What is opportunity cost when referring to investors?
Although not an actual cost, opportunity cost to an investor is the income he could have earned if he had invested in the next best alternative to the one he actually made.
Opportunity cost definition?
The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.
What is the difference between real cost and opportunity cost?
Actual cost (real cost): Are those which are actually incurred by the firm in payment for labor, material, plant, building, machinery, equipment ,etc. Opportunity cost: The opportunity cost is the opportunity lost. An opportunity to make income is lost because of scarcity of resources like land, labor, capital etc., or the making of one decision over another decision.
Is there an age restriction on buying pregnancy tests?
no! if your too embarrsed, go to your local supermarket , buy one there and then use the self checkout!
