In microeconomic theory‚ the opportunity cost of a choice is the value of the best alternative forgone‚ in a situation in which a choice needs to be made between several mutually exclusive alternatives given limited resources. Assuming the best choice is made‚ it is the "cost" incurred by not enjoying the benefit that would be had by taking the second best choice available.[1] The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative
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Opportunity cost Have you ever been in the situation deciding which cloth to buy? Have you ever facing the dilemma of to study or to play? Have you ever consider as a seller and choose to lower the price or raise it? In the field of economics‚ here’s a solution for you. The magic word is “opportunity cost”. Opportunity cost in terms of economy is the highest-value alternative one has to give up to engage in an activity. In other words‚ using the same resources such as money and time‚ the best
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business opportunity A business opportunity consists of four integrated elements all of which are to be present within the same timeframe (window of opportunity) and most often within the same domain or geographical location‚ before it can be claimed as a business opportunity. These four elements are: • A need • The means to fulfil the need • A method to apply the means to fulfil the need and; • A method to benefit With any one of the elements missing‚ a business opportunity may be
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is ‘equality of opportunity’? “Equality of opportunity is a political ideal that is opposed to caste hierarchy but not to hierarchy per se” (Arneson) The rational behind this political ideal is that society is uneven‚ with privileges‚ standing and potential for success being heavily influenced by many different factors predetermined by birth. The political ideal places an individual in any given rung of social hierarchy as a result of their background. Equality of opportunity calls on a ‘fairness
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In the realist film “Sortie des Usines Lumiere a Lyon” by Auguste and Louis Lumiere in France also known as “Workers leaving Lumiere Factory in Lyon”‚ the scene of workers mainly women leaving the building is shown by the background music in a jaunty rhythm. It is a black and white film in 46 seconds shown in 1895 often referred as second movie ever made‚ filmed by Auguste and Louis Lumiere whom are famous for producing realist films. As in other Louis Lumiere films‚ realist films tend to represent
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1 Sky Dive Chicago Kimetha Davis INF620 Management of Information Systems Allyson Heisey Ashford University May 20‚ 2013 2 Abstract Skydive Chicago is a popular and well know skydiving resort The resort offers skydiving instructions by the best of the best instructors. Skydive Chicago is always searching and implementing new technology as to stay competitive in the market. A good information system with information resources pertaining to the organization is very important. Many
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Opportunity of a lifetime The metaphor‚ “When one door closes‚ another opens” is a famous quote by Alexander Graham Bell. When one door closes‚ this finishes the chapter of one aspect of their life. When another door opens‚ becomes an opportunity to start something new. An alternative metaphor that I’ve chosen is “If an opportunity doesn’t knock‚ build a door” presents as an opportunity waiting to happen. But one must work hard for the opportunity and should not expect the reward to happen easily
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United States of America Land of Opportunity? United States of America is known as the land of opportunity for many immigrants who dare to dream of a better life. Since the beginning of American history‚ United States has focused more about equal opportunity than any other country. There are many people who strongly believe that once they come to the United States it is almost guaranteed to find success. For example‚ my relatives in Korea always ask my parents how much my family has earned so far
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At the conservative conference in Brighton‚ England on 10 October‚ 1980‚ Margaret Thatcher delivers her speech‚ “The Lady’s Not For Turning‚” to the citizens‚ watching and waiting to hear from the Prime Minister of their beloved country. She gave this speech to address the citizens of England as prime minister and introduce them to her ideals‚ policies‚ and views on the issues that affect them. She also gave this speech out of obligation‚ as the citizens expect their prime minister to address them
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We often choose to believe that America is a country of equal opportunity and that everyone has equal opportunities to succeed just like any other American. We pride ourselves on our so called “melting pot” of culture and diversity‚ but in all reality this is a facade and the United States of America is far more stereotypical than we care to admit. We put limits on those that are considered “different” or “abnormal” creating incredibly difficult obstacles that the common American doesn’t even consider
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