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What was the benefit of the soviet union decision to concentrate on heavy industry What was the opportunity cost and who paid it?
The opportunity cost were the consumer goods and services.
Define opportunity costs?
The cost of passing up the next best choice when making a decision. For example, if an asset such as capital is used for one purpose, the opportunity cost is the value of the next best purpose the asset could have been used for. Opportunity cost analysis is an important part of a company's decision-making processes, but is not treated as an actual cost in any financial statement.
The next best choice that is given up when a decision is made is called?
opportunity cost
What is opportunity costs?
Opportunity cost is the highest-valued alternative foregone in order to take an economic action.
The phrase choosing is refusing means what?
fifty fifty chance that it might mean this: individuals face an opportunity cost with each decision they make
Why is the opportunity cost of decision always less than the cost of the chosen good or service?
Why is the opportunity cost of a decision always less than the cost of the chosen good or service?
How could opportunity cost be examined?
Opportunity cost is the cost of the next-best choice available to someone who has to pick between several choices. It is a key concept in economics used to describe "the basic relationship between scarcity and choice". Opportunity cost is examined by selecting one option and then comparing the expected rewards of that option to the rewards of next option. If a company had money to invest in either marketing or production the opportunity cost of one would be the loss of benefit form not picking the other. For example if the company chooses to invest in marketing instead of improving manufacturing (its next best option) which would increased profits $100000 the opportunity cost of the decision is said to be $100000. If the company makes more than $100000 the company has made a good decision. If the increase in marketing does not make $100000 for the company the decision is considered not at as good as the lost opportunity-cost. It would have been more profitable to invest in the option not selected.
Which is the result when the benefits of a decision are greater than the opportunity cost of that decision?
It would be helpful to know what the decision is to know what the benefits and opportunity of the decision are. It is important to include this information.
What economic model demonstrates opportunity cost decision?
Lolliklvblphd
How does an opportunity cost differ from trade offs?
Trade-off uses the gun's and butter decision while opportunity cost is the most desirable alternative insted of the gun's and butter decision :)
How does an opportunity cost differ from a trade-off?
Trade-off uses the gun's and butter decision while opportunity cost is the most desirable alternative insted of the gun's and butter decision :)
How does an opportunity cost differ from a trade -off?
Trade-off uses the gun's and butter decision while opportunity cost is the most desirable alternative insted of the gun's and butter decision :)
What was the benefit of the soviet union decision to concentrate on heavy industry What was the opportunity cost and who paid it?
The opportunity cost were the consumer goods and services.
What is the difference between real cost and opportunity cost?
Actual cost (real cost): Are those which are actually incurred by the firm in payment for labor, material, plant, building, machinery, equipment ,etc. Opportunity cost: The opportunity cost is the opportunity lost. An opportunity to make income is lost because of scarcity of resources like land, labor, capital etc., or the making of one decision over another decision.
When one decision is made the next best alternative decision not selected is called?
Opportunity Cost
How does economics effect us?
Economics affects all out our decision making in the market. When we decide to buy a sweater instead of jeans, in your head you examined the opportunity cost of the jeans to the sweater and determined which you wanted. This is an economic principle, even though many people do not think of it in terms of opportunity costs.
What can a decision- making grid do?
help you determine the oppotunit cost of your decision.
