Question

5 importance of opportunity cost to individuals

Answer 1

Answer:

Opportunity cost like other basic concepts of Economics – scarcity, scale of preference and choice is important to an individual who represents the consumer or household, or firm or productive unit and the government that form the three decision making bodies in an economy. The concept of opportunity cost arises from choice which is central to the subject-matter of economics and this arises as a result of the limited available resources vis-a-vis unlimited human wants. Since every economic problem involves choice and ever, choice involves opportunity cost, therefore Opportunity cost is very important

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Answer 2

Answer -

individuals are maximizing the amount that they can get out of their resources (time, money, effort, etc.). ... Opportunity costs are an important consideration for economists and business people, but are faced by individuals even when they are not making classically economic decisions.

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