Search results
Results from the Think 24/7 Content Network
Opportunity cost, as such, is an economic concept in economic theory which is used to maximise value through better decision-making. In accounting, collecting, processing, and reporting information on activities and events that occur within an organization is referred to as the accounting cycle.
Production–possibility frontier. In microeconomics, a production–possibility frontier ( PPF ), production possibility curve ( PPC ), or production possibility boundary ( PPB) is a graphical representation showing all the possible options of output for two goods that can be produced using all factors of production, where the given resources ...
together costs $165.55 at the campus bookstore.7 In STEM classes, students often have an additional cost: They’re required to buy an access code to an online platform used to submit quizzes and assign-ments, which cannot be bought used. Students and advisors told us it is not unusual for a textbook-and-access-code bundle to cost $200 to $300.
The parable seeks to show how opportunity costs, as well as the law of unintended consequences, affect economic activity in ways that are unseen or ignored. The belief that destruction is good for the economy is consequently known as the broken window fallacy or glazier's fallacy .
Opportunity cost is also often defined, more specifically, as the highest-value opportunity forgone. So let's say you could have become a brain surgeon, earning $250,000 per year, instead of a ...
Is opportunity cost an ambiguous and arbitrary concept or a simple, straightforward, and fruitful one? This reexamination of opportunity cost addresses this question, and shows that opportunity cost is an ambiguous concept because "two" definitions are in widespread use.
ERIC - Education Resources Information Center
The author then uses the two versions of value to restate in clearer terms the two versions of opportunity cost. He also discusses the problem of identifying the alternative forgone, addresses a few less central quibbles, discusses the importance of a definition, and ends with one more reason to use his preferred version of opportunity cost.