Question

Incur opportunity cost, gain benefits of decisions?

Answer 1

Answer:

opportunity cost is an economics term that refers to the value of what you have to give up in order to choose something else. In a nutshell, it's a value of the road not taken .In simple terms opportunity cost is the loss of the benefit that could have been enjoyed had a given choice not been made .

A main benefit of opportunity cost is that it causes you to consider the reality that when selecting among options, you give up something in the option not selected .

A cost benefit analysis is the process used to measure benefits of a decision or taking action. A cost benefit analysis can also include intangible benefits and costs from a decision such as customer satisfaction....