0
What else can I help you with?
Why does choice arise in economics. Use an example to discuss the concepts of choice and opportunity cost?
why don't you get on with the coursework question.
What is opportunity cost and opportunity benefit?
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
Is it likely that wants will ever be satisfied?
No.Our Resources are scarce whereas human wants are unlimited.we will always have to make choices that is opportunity cost will always arise.
What does the word opportunity cost means?
Opportunity cost means that there is an opportunity to get something in a lower cost. __by Alondra Rico
Is opportunity the reason behind success?
Opportunity does not reason it knocks. The reason behind success is that it sure beats failure.
Why does choice arise in economics. Use an example to discuss the concepts of choice and opportunity cost?
why don't you get on with the coursework question.
What is opportunity cost and opportunity benefit?
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
Is it likely that wants will ever be satisfied?
No.Our Resources are scarce whereas human wants are unlimited.we will always have to make choices that is opportunity cost will always arise.
What does the word opportunity cost means?
Opportunity cost means that there is an opportunity to get something in a lower cost. __by Alondra Rico
Is opportunity the reason behind success?
Opportunity does not reason it knocks. The reason behind success is that it sure beats failure.
What calculates the opportunity cost?
Opportunity cost is something for the next porpose.
Is opportunity cost a relevant cost?
Yes, opportunity cost is a relevant cost because it can be used in something more productive.
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.
Why does opportunity cost vary?
Opportunity Cost can vary depending on what you are giving up exactly.
How does Opportunity cost relate to command economy?
Opportunity cost in a command economy refers to the trade-offs that occur when the government allocates resources to various sectors or projects. Since decisions are made centrally, the opportunity costs arise from choosing one option over another, potentially leading to inefficiencies or misallocation of resources. For instance, if a government prioritizes military production over consumer goods, the lost benefits of not producing those consumer goods represent the opportunity cost. This contrasts with market economies, where individual choices often reflect opportunity costs more transparently.
What does increasing marginal opportunity cost mean?
As we decide to choose more units of anything, the opportunity cost of each additional unit will rise. This means that the opportunity cost of the second unit will be greater than that of the first unit. The opportunity cost of the third unit will be greater than that of the second unit. And so forththe law of opportunity cost states that the more of a product that is produced,the greater is its opportunity cost,hence increasing marginal opportunity cost in simple terms refers to an extra or additional opportunity cost of foregoing other products to produce a unit of another product
Why do you need to understand Opportunity cost?
Opportunity cost is fundamental in understanding the true economist cost (and thus profitability) of actions.
