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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
Why must economic decision making be efficient?
so that the income or benefits gained than the cost are
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 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
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
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
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.
Definition of scarcity and opportunity cost by Bernardo Villegas?
Opportunity cost refers to the economic benefit forgone by using a resource for one purpose rather than another.
What is the last step of the cost benefit analysis?
Step 6--Use the Economic Analysis for Decision Making
Are all decisions economic decisions?
Economic factors are very important, but people do sometimes make decisions for other reasons. For example, if I decide to buy a blue shirt rather than a brown shirt, and both shirts cost the same amount, then I have made an aesthetic decision rather than an economic decision. But then, there is first the decision that I can afford to buy a shirt, which is an economic decision. People often choose to do things that will bring them economic hardship, such as buying luxuries that they can't really afford, so economics is not always the deciding factor. People may choose to defy economics, although that is very risky.
What is the difference between relevant cost and irrelevant cost?
Relevant cost is that cost which is required for the specific decision making process or the cost which will be change due to specific decision while irrelevant cost has no concern with decision making or any specific decision.
What is the distinction between relevant cost and irrelevant cost?
Relevant cost is that cost which is necessary for the underlying decision in decision making process while irrelevant cost is not necessary to be decision to be made.
