Opportunity Cost

Opportunity cost means giving up something of value or importance to you to achieve a particular goal or outcome. It is a chance that causes you to miss out on something you want, but an individual can benefit by gaining something for the opportunity they accepted.

For each choice I make, there is an opportunity cost. Opportunity cost is the real cost of an item, what I must give up in order to

While life has various precious resources, only some ever truly are important to the world. Even though we may choose what is precious to us, there will always be one above the rest. Money is our most precious resource in this world because we make lives for ourselves with it, and without money life would be difficult to go through.

7. Opportunity costs refer to time, money, and other resources that are given up when a decision is made.  TRUE

the variable production cost will be decreased by $0.05 per steel cabinet. Some plant shutdown time is involved, but

Society has limited or scarce economic resources, meaning all natural, and manufactured resources that go into the production of goods and services. (McConnell, BRUE, & FLYNN, 2015, p. 11)

Another variable cost to consider is continuing education and training for employees. Like any business, it is important for those in the health and fitness field to stay on top of current trends in the industry. From time to time it may be beneficial and necessary for full-time employees to attend seminars or training sessions to expand their knowledge in the industry. This is a good example of a cost that would not be incurred on a regular basis, but should be budgeted for at least once a quarter. Two variable costs that organizations overlook are office supplies and fuel. In every organization employees use office supplies. In many organizations fuel is needed for

When most of us think of the words opportunity cost, price, production, and service, we think of something related to obtaining or giving something. According to Merriam-Webster, opportunity cost is defined as, the added cost of using resources (as for production or speculative investment) that is the difference between the actual value resulting from such use and that of an alternative (as another use of the same resources or an investment of equal risk but greater return). Price, is defined as the amount of money that you pay for something or that something costs. Production, is defined as the process of making or growing something for sale or use, and lastly, service, is defined as, the occupation or function of serving. Milton Friedman, an American economist, would say, nothing in live is free, that is, if you want something, you have to give something. These four words can all be tied together and used to give and receive. We can either use it to our benefit or simply perform it. We could get the most out of life using these four words, opportunity cost, price, production, and service, by primary accepting that everything in life is obtained at a cost, acknowledging that they can be used as forward-looking concepts, and agreeing to do everything yourself instead of hiring someone to do it in your place.

2. The cost of something is what you give up to get it. - It means comparing cost and benefits of alternatives. When people choose one thing, they give up something else -> opportunity

Opportunity cost is the value of the next best alternative in a decision. Imagine that you have $150 to see a concert. You can either see "Hot Stuff" or you can see "Good Times Band." Assume that you value Hot Stuff's concert at $225 and Good Times' concert at $150. Both concerts cost $150 per ticket, but it would take you a couple of hours to drive to Hot Stuff's concert and you have to be in school (the next) morning for an exam. Good Times' concert is right here in town. Explain how you would assess the opportunity cost of seeing Good Times in concert. What is the opportunity cost of going to Good Times' concert?

-The opportunity cost of something is what you must give up of one thing, in order to get it. Opportunity cost is a key concept of economics because it is described as expressing the basic relationship between scarcity and choice. Opportunity cost plays a crucial part in ensuring that scarce resources are used efficiently.

Opportunity cost is the value of next best option. Giving up one thing to do something else.

The cost of something is what you give up to get it. Opportunity cost is defined by

Variable costs are costs that vary with output. Variable cost changes according to the quantity of a good or service being produced. Generally variable costs increase at a constant rate relative to labor and capital. Variable costs may include wages, utilities, materials used in production, etc. The inputs of Listerine start with Raw Materials (generally composed of diluents, antibacterial agents, soaps, flavorings,

Scarcity is the condition in which human needs are everlastingly more noteworthy than the accessible supply of time, products, and assets.