Opportunity

Opportunity cost

Opportunity cost
  1. What is opportunity cost and example?
  2. What is opportunity cost definition?
  3. How do you determine opportunity cost?
  4. What is opportunity cost example in business?
  5. What is an example of opportunity cost in your life?
  6. What is another word for opportunity cost?
  7. What is the basic idea of opportunity cost?
  8. Is opportunity cost a real cost?
  9. What is the importance of opportunity cost?
  10. Which description best fits the definition of opportunity cost?
  11. Which scenario is the best example of opportunity cost?
  12. What are three types of opportunity cost?
  13. What is the synonym of by chance?
  14. What is the opportunity cost quizlet?
  15. What is another term for marginal cost?

What is opportunity cost and example?

When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else.

What is opportunity cost definition?

Opportunity costs represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. Because opportunity costs are, by definition, unseen, they can be easily overlooked.

How do you determine opportunity cost?

Opportunity cost is calculated by applying the following formula: Opportunity Cost = Return on Most Profitable Investment Choice - Return on Investment Chosen to Pursue.

What is opportunity cost example in business?

Most business owners do consider opportunity costs whenever they make a decision about which of two possible actions to take. ... For example, a landscaping firm may be bidding on two jobs each of which will use half of its equipment during a particular period of time.

What is an example of opportunity cost in your life?

Examples of Opportunity Cost. Someone gives up going to see a movie to study for a test in order to get a good grade. The opportunity cost is the cost of the movie and the enjoyment of seeing it. At the ice cream parlor, you have to choose between rocky road and strawberry.

What is another word for opportunity cost?

Hypernym for Opportunity cost:

cost of capital, carrying cost, capital cost, carrying charge.

What is the basic idea of opportunity cost?

The idea behind opportunity cost is that the cost of one item is the lost opportunity to do or consume something else; in short, opportunity cost is the value of the next best alternative.

Is opportunity cost a real cost?

“The real cost of any purchase isn't the actual dollar cost. Rather, it's the opportunity cost—the value of the investment you didn't make, because you used your funds to buy something else.”

What is the importance of opportunity cost?

The concept of Opportunity Cost helps us to choose the best possible option among all the available options. It helps us to use every possible resource tactfully, efficiently and hence, maximize economic profits.

Which description best fits the definition of opportunity cost?

Opportunity cost is defined as the value of the next best alternative. In this case your next best alternative is to get a five-dollar dinner at Burger Joint. If you do that, you will enjoy the value of that meal.

Which scenario is the best example of opportunity cost?

The correct answer is a. A computer company produces fewer laptops to meet tablet demand. Opportunity cost defines the benefit obtained by having a commodity after forgoing some other commodity. In the problem statement, the computer company incurs an opportunity cost of laptops for tablets.

What are three types of opportunity cost?

Three phrases in the definition of opportunity cost warrant further discussion--alternative foregone, highest valued, and pursuit of an activity. Foregone Alternative: Opportunity cost is all about foregone alternatives, about not pursuing an activity.

What is the synonym of by chance?

In this page you can discover 10 synonyms, antonyms, idiomatic expressions, and related words for by-chance, like: fortuitously, by-mistake, accidentally, unwittingly, haply, circumstantially, by luck, perchance, unexpectedly and unintentionally.

What is the opportunity cost quizlet?

opportunity cost. the most desirable alternative given up as the result of a decision.

What is another term for marginal cost?

Marginal cost refers to the increase or decrease in the cost of producing one more unit or serving one more customer. It is also known as incremental cost.

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