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I studied this in economics this year opportunity cost is the sacrifice of not choosing the second best option so if you wanted to buy a flat and you found a pleasant one or a fancy apartment and you chose the apartment the flat would be your opportunity cost
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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.
Give a example of an opportunity cost that an accountant might not count as a costwhy would the accountant ignore this cost?
An opportunity cost where money does not change hands does not count as a cost. An example of this is the owner's opportunity cost for an alternate employment, since money does not change hands.
Why are costs important in economics?
How do firms incorporate opportunity cost to calculate economic cost? discuss and give example using an explicit economic cost and an implicit economic cost.
How does scarce resources give rise to opportunity cost?
The scarcer the resourse the greater the opportunity cost
In economics what is cost?
cost of what you give up to get it
Which would be an example of an opportunity cost?
HOUSING
What is the opportunity cost of seeing a movie?
the opportunity cost of an item is what you give up to get that item. in this case, you want to see a movie, so you may have to give up the movie time to study or something else, that is your opportunity cost.
Example of opportunity cost and resources?
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What are the examples of opportunity cost in a business?
An opportunity cost means that, in order to do one thing, you must give up something else (those something else's are the opportunity costs). An example of an opportunity cost would be the large amount of money that would need to be invested in order for a company to make itself more environmentally-friendly (like installing solar panels).
Increasing opportunity cost graph?
There are many ways in which you can show increasing opportunity cost on a graph. You could show it in comparison to satisfaction for example.
What you give up to obtain an item is called your?
Opportunity cost
What you give up to obtain an item is called?
Opportunity cost
