wt is opportunity cost ?
Answers
Answer:
When an option is chosen from alternatives, the opportunity cost is the "cost" incurred by not enjoying the benefit associated with the best alternative choice. ... Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice".
Answer:
Opportunity cost (also referred to as Alternative cost) is defined by New Oxford American Dictionary as "the loss of potential gain from other alternatives when one alternative is chosen". [1]
As a representation of the relationship between scarcity and choice, [2] the objective of opportunity cost is to ensure efficient use of scarce resources. [3] It incorporates all associated costs of a decision, both explicit and implicit. [4] Opportunity cost also includes the utility or economic benefit an individual lost, it is indeed more than the monetary payment or actions taken. As an example, to go for a walk may not have any financial costs imbedded to it. Yet, the opportunity forgone is the time spent walking which could have been used instead for other purposes such as earning an income. [3]
Regardless of the time of occurrence of an activity, if scarcity was non-existent then all demands of a person are satiated. It’s only through scarcity that choice becomes essential which results in ultimately making a selection and/or decision.[2]
Sacrifice is a given measurement in opportunity cost of which the decision maker forgoes the opportunity of the next best alternative.[5] In other words, to disregard the equivalent utility of the best alternative choice to gain the utility of the best perceived option.[6] If there were decisions to be made that require no sacrifice then these would be cost free decisions with zero opportunity cost.[7]
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