What Is The Importance Of Opportunity Cost In Economics?
i cant find this answer.. anyone can help me??
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Opportunity cost is what occurs based on decisions made during the course of business. If you decide to purchase x for $1000 which will make you a profit of 30% then later you may not be able to take advantage of purchasing y for $1000 and making a profit of %50. This can equate to time, purchases, taleent etc. Each time you make a decision you need to weigh the opportunity cost. You maybe to busy or unable to handle other things that could cost you $ in the future.
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Opportunity cost is the cost of forgone alternatives.
Its importance: It helps make accurate resposible suggestions for the allocation of scarce resources into the economy
the broad answer above with the irelevent example doesn't actually outline the IMPORTANCE of opp' cost.
Its importance: It helps make accurate resposible suggestions for the allocation of scarce resources into the economy
the broad answer above with the irelevent example doesn't actually outline the IMPORTANCE of opp' cost.
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