What is opportunity cost, Microeconomics

Assignment Help:

What is opportunity cost? 

Answer:   Opportunity cost is a term used in economics, to mean the cost of something in terms of an opportunity foregone (and the advantages that could be received from that opportunity), or the most valuable foregone alternative. For instance, if a city decides to build a hospital on vacant land that it owns, the opportunity cost is some other thing that may have been done with the land and construction funds instead.

 


Related Discussions:- What is opportunity cost

#t, what are the relevance of economics to most business today??

what are the relevance of economics to most business today??

Income, trend and structure of national income in nigeria

trend and structure of national income in nigeria

Economic cycle, Economic Cycle The economic cycle is the long-standing...

Economic Cycle The economic cycle is the long-standing sample of alternating times of economic growth (expansion) and decline (recession), followed by changing economic indica

Economics Concepts, Suppose taht two people, Michell andJames each live alo...

Suppose taht two people, Michell andJames each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle

Natural factors and availability of credit, Natural Factors: Seasonal va...

Natural Factors: Seasonal variations may affect the demand for a commodity at certain times of the year. For example, during the raining season, demand for commodities such as j

Macroeconomics, Real and nominal GDP, GNP, and Intrest rates, Stock & flow...

Real and nominal GDP, GNP, and Intrest rates, Stock & flow variables, Disinflation, Inflation rates, unemployement rates, labor force, participation rate, output per person, GDP d

Production cost, how can draw the table and diagram of production function ...

how can draw the table and diagram of production function function with one veriable

Theory of consumer behavior, THEORY OF CONSUMER BEHAVIOR: It is genera...

THEORY OF CONSUMER BEHAVIOR: It is generally observed that market aggregate demand curve for a commodity is downward sloping, given other things. Our problem is to investigate

ECS, The prevention of major swings in economic activity can be handled mos...

The prevention of major swings in economic activity can be handled most easily by the

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd