what is oppurtunity cost
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Answer / nagaraj goud
The cost of an alternative that must be forgone in order to
pursue a certain action. Put another way, the benefits you
could have received by taking an alternative action.
Example: if a gardener decides to grow carrots, his or her
opportunity cost is the alternative crop that might have
been grown instead (potatoes, tomatoes, pumpkins, etc.).
| Is This Answer Correct ? | 24 Yes | 0 No |
Answer / jj
Opportunity cost is the next best alternative forgone for
receiving another benefits...
eg: if u own a car.....
U have two options
1-Use for your own use
2-Rent it to some others
If u use ur car for rental purpose u will get rent....
But if u use it for ur own purpose the amount that u loose
as for rental is ur opportunity cost........
| Is This Answer Correct ? | 11 Yes | 2 No |
Answer / hemanth.n.s
Opportunity cost is the next best alternative forgone.
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / titilayo ayomide
Opportunity cost is the value of a product forgone to
produce or obtain another product.
| Is This Answer Correct ? | 6 Yes | 1 No |
Answer / vijay gawalkar
Scarcity of resources is one of the more basic concepts of
economics. scarvity necessitates trade-offs, and trade-offs
result in an opportunity cost. While the cost of a good or
service often is thought of in monetary terms, the
opportunity cost of a decision is based on what must be
given up (the next best alternative) as a result of the
decision. Any decision that involves a choice between two
or more options has an opprtunity cost.
| Is This Answer Correct ? | 6 Yes | 3 No |
Answer / balraj
in simple words opportunity cost means forgone cost of the
foregone period
| Is This Answer Correct ? | 1 Yes | 1 No |
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