"Opportunity Cost" Essays and Research Papers

1 - 10 of 500

Opportunity Cost

weekly salary. Product market c. The manager buys dinner at Billy’s Café. Product market d. After he pays all of his employees their wages and pays his other bills, the owner of Billy’s Café takes his profit. Factor market 2. List the opportunity costs of the following: a. going to college - the money you would have earned if you worked instead. b. missing a lecture – takes away from your knowledge of that lesson. c. withdrawing and spending $100 from your savings account, which earns 5...

Premium Opportunity cost, Elasticity, Microeconomics 1000  Words | 4  Pages

Open Document

Opportunity Cost

Class Serial No- 4. Economics Assignment- Opportunity Cost Lets start with a small introduction to the topic Opportunity Cost. Opportunity cost is the cost of any activity measured in terms of the value of the next best alternative forgone (that is not chosen). It is the sacrifice related to the second best choice available to someone, or group, who has picked among several mutually exclusive choices. The opportunity cost is also the "cost" (as a lost benefit) of the forgone products...

Premium Economics, Microeconomics, Investment 758  Words | 4  Pages

Open Document

Opportunity Cost

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...

Premium Opportunity cost, Costs, Rational choice theory 1142  Words | 5  Pages

Open Document

Cost of Opportunity

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...

Premium Economics, Opportunity cost, Production-possibility frontier 757  Words | 4  Pages

Open Document

Production Possibilities & Opportunity Cost

Work Sheet - IB – I Year Name: Date: Topic: Production Possibilities & Opportunity Cost 1. The slope of the production possibility frontier shows A. the technically efficient combinations of the two goods B. how factor inputs must be changed to keep them fully employed C. the opportunity cost of one good in terms of the other D. how consumers are willing to trade one good for another 2. A. OM B. OH C. YF D. MH 3. Which of the following will not shift a country's...

Premium Economics of production, Opportunity cost, Microeconomics 721  Words | 3  Pages

Open Document

Application of Opportunity Costs

Application of Opportunity Costs Donald G. Fox Sr. ECON220-1103A-24 Unit 1 IP AIU Online Michelle and James both, produce potatoes and chickens. Michelle can produce 200 potatoes and 50 chickens per year, and James can produce 80 potatoes and 40 chickens per year. What is Michelle's opportunity cost of producing potatoes? If opportunity costs, is opportunity lost, then Michelle devoting 100% of her time to produce 200 potatoes her cost would be 100% loss of 50 chickens. What is Michelle's...

Premium Price, Costs, Microeconomics 645  Words | 3  Pages

Open Document

Opportunity Cost

is one of the more basic concepts of economics. Scarcity needs trade-offs, and trade-offs result in an opportunity cost. While the cost of a good or service often is thought of in monetary terms, the opportunity cost of a decision is based on what must be given up as a result of the decision. Any decision that involves a choice between two or more options has an opportunity cost. Opportunity cost, scarcity and trade-off are important in our daily life because it affects us every day in different ways...

Premium Costs, Marginalism, Cost 930  Words | 4  Pages

Open Document

The Opportunity Cost of Economics Education

ECONOMIC SCENE The Opportunity Cost of Economics Education By ROBERT H. FRANK Published: September 1, 2005 SHORTLY after I began teaching, more than 30 years ago, three friends in different cities independently sent me the same New Yorker cartoon depicting a woman introducing a man to a friend at a party. "Mary, I'd like you to meet Marty Thorndecker," she began. "He's an economist, but he's really very nice." Forum: The Economy Cartoons are data. That people find them amusing usually...

Premium Economics, Opportunity cost, Social sciences 957  Words | 5  Pages

Open Document

Chapter 2- What is the Economic Problem

something new Increasing opportunity cost (concave curve) cost increases this is because of specialization of factors of production milk vs. computer example because you gradually have to give up computer specialists after giving up farmers opportunity cost of pizza is cola forgone -BECAUSE RESOUCES ARE NOT EQUALLY PRODUCTIVE IN ALL ACTIVITIES Marginal Analysis Using Resources Efficiently Marginal cost- of a good or service is the opportunity cost of producing one more unit...

Premium Marginal utility, Economics terminology, Comparative advantage 699  Words | 4  Pages

Open Document

Intro to Macro Notes

without producing less of the other(Trade off) Oportunity cost: The highest-valued alternative that must be given up to engage in an activity Every choice has an opportunity cost because every choice has a next-best alternative In our pPF example near can use all is avaible resources and current technology to produce either 200 laptops per week or 400 tablets per week 200L=400T so 1L=2T and 1T=0.5L Near’s Marginal opportunity cost of 1 laptop is constant at 2 tablets, meaning that for Near...

Premium Opportunity cost, International trade, Scarcity 1046  Words | 5  Pages

Open Document

Become a StudyMode Member

Sign Up - It's Free