What is opportunity cost biology?
Opportunity Cost. the value of the best alternative that was not chosen in order to pursue a lesser choice. The “lost opportunity. Risk Cost. increased chance of being injured or killed as a result of a given behaviour.
What does the opportunity cost refers to?
“Opportunity cost is the value of the next-best alternative when a decision is made; it’s what is given up,” explains Andrea Caceres-Santamaria, senior economic education specialist at the St.
What are opportunity costs quizlet?
Opportunity Cost is when in making a decision the value of the best alternative is lost. e.g. choosing electricity over gas, the opportunity cost is what you’ve lost from not picking gas.
What is opportunity cost give an example quizlet?
The cost of making a choice is that the next best alternative is forgone. This is know as opportunity cost. For example if a Government decides to make the choice of devoting more resources to the NHS then the opportunity cost is devoting those resources into the education system.
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.
Which of the following best defines opportunity cost?
The cost of choosing one alternative over another is the definition of opportunity cost.
What is an opportunity cost example?
How does opportunity cost affect decision-making quizlet?
How does opportunity cost affect decision making? When we make decisions about about how to spend our scarce resources, like money or time, we are giving up the chance to spend money or time on something else. All individuals, businesses, and large groups of people make decisions that involve trade-offs.
How do you find the opportunity cost?
How to Calculate Opportunity Cost
- Opportunity Cost = Return on Most Profitable Investment Choice – Return on Investment Chosen to Pursue.
- Opportunity Cost = $80,000 (selling ten cars worth $8,000 each) – $60,000 (selling 5 trucks worth $12,000 each)
- Opportunity Cost = $20,000.
What is the definition of opportunity cost Brainly?
Opportunity costs represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another.
Which statement best describes opportunity cost?
The correct answer is The difference between the alternative selected and the next best alternative.