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Incentive
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What is the cost or benefit that motivates an economic decision?
A. Innovation B. Incentive C. Profit
What is an alternative sacrificed because of an economic decision?
cost
What economic model demonstrates opportunity cost decision?
Lolliklvblphd
What economic principle measures the choice of one decision against another?
The economic principle that measures the choice of one decision against another is known as "opportunity cost." Opportunity cost refers to the value of the next best alternative that is forgone when a decision is made. It highlights the trade-offs involved in decision-making, emphasizing that choosing one option often means sacrificing the benefits of another. Understanding opportunity cost helps individuals and businesses make informed choices that align with their goals and resource allocation.
Why must economic decision making be efficient?
so that the income or benefits gained than the cost are
What is the cost or benefit that motivates an economic decision?
A. Innovation B. Incentive C. Profit
What is an alternative sacrificed because of an economic decision?
cost
What economic model demonstrates opportunity cost decision?
Lolliklvblphd
What economic principle measures the choice of one decision against another?
The economic principle that measures the choice of one decision against another is known as "opportunity cost." Opportunity cost refers to the value of the next best alternative that is forgone when a decision is made. It highlights the trade-offs involved in decision-making, emphasizing that choosing one option often means sacrificing the benefits of another. Understanding opportunity cost helps individuals and businesses make informed choices that align with their goals and resource allocation.
Why must economic decision making be efficient?
so that the income or benefits gained than the cost are
which term describes the process of making an economic decision by considering both the advantages and the problems that might arise from the decision?
Cost-benefits analysis
What are the basic economic problem in microeconomics?
The basic economic problems in microeconomics include scarcity, choice, and opportunity cost. Scarcity refers to the limited nature of resources, which forces individuals and firms to make choices about how to allocate them effectively. This leads to opportunity cost, the value of the next best alternative foregone when a choice is made. Together, these concepts highlight the trade-offs involved in economic decision-making at the individual and firm level.
How is opportunity cost measured in economic decision-making?
Opportunity cost in economic decision-making is measured by comparing the benefits of choosing one option over another. It involves considering the value of the next best alternative that is forgone when a decision is made. By weighing the benefits and drawbacks of different choices, individuals and businesses can make informed decisions that maximize their resources and outcomes.
How managerial economic tools such as marginal revenue marginal product marginal cost and marginal profit can be used to inform decision making?
basic economic tools in manaregial economics
What does marginal benefit means?
Marginal benefit refers to the additional satisfaction or value gained from consuming one more unit of a good or service. It helps individuals and businesses make decisions by comparing the extra benefit to the additional cost incurred. When the marginal benefit exceeds the marginal cost, it typically justifies the decision to proceed with that additional unit. This concept is central to economic theory and decision-making.
Four principles of economic decision making?
There are actually ten principles of economic decision making. The first four are, people face trade offs, the cost of something is what you give up to get it, rational people think at the margin, and people respond to incentives.
How does money help to make clear the opportunity cost of an economic decision?
Money helps to make clear the opportunity cost of an economic decision by representing the value of the next best alternative that is foregone when a choice is made. This allows individuals and businesses to weigh the benefits and drawbacks of different options and make informed decisions based on their financial implications.
