What is a good sentence for opportunity cost?
A player attends baseball training to be a better player instead of taking a vacation. The opportunity cost was the vacation. Jill decides to take the bus to work instead of driving. It takes her 60 minutes to get there on the bus and driving would have been 40, so her opportunity cost is 20 minutes.
What is opportunity cost give an example?
The opportunity cost is time spent studying and that money to spend on something else. A farmer chooses to plant wheat; the opportunity cost is planting a different crop, or an alternate use of the resources (land and farm equipment). A commuter takes the train to work instead of driving.
How do you use opportunity cost in a sentence?
Opportunity cost in a Sentence 🔉
- My mother explained she could not buy two snacks and that popcorn would be our opportunity cost if we chose to get candy.
- Samantha looks at the money should would save living in a cheaper place as the opportunity cost of owning a nice home.
What situation is the best example of opportunity cost?
Here, the country has the option of whether to employ its resources to produce bananas or wheat. If it chooses to produce wheat, then the country’s revenue from selling bananas is its opportunity cost for selling wheat. Thus, the company has two alternatives to choose from, which is an example of opportunity cost.
What is the sentence of opportunity?
Examples of opportunity in a Sentence When the opportunity came for her to prove that she could do the job, she was ready. I had the rare opportunity of speaking to the president. Studying abroad provides a great opportunity to learn a foreign language.
What is opportunity cost explain with the help of numerical example?
Opportunity cost is the next best alternative foregone in choosing the best one. Suppose an economy produces only two goods X and Y. if the economy decides to produce 2X, it has to cut down production of Y by 2 units because resources are limited. in this case opportunity cost of producing one more unit of X is 2Y.
Which is an example of opportunity cost quizlet?
The cost of making a choice is that the next best alternative is forgone. This is know as opportunity cost. For example if a Government decides to make the choice of devoting more resources to the NHS then the opportunity cost is devoting those resources into the education system. It is a type of opportunity cost.
What is opportunity cost 11th?
Opportunity Costs are the benefits that an individual, investor or business forego (miss out) , when they choose one alternative over another. Opportunity Cost is the next best alternative, which is foregone, when a particular alternative is chosen.
Which would be an example of opportunity cost Brainly?
example:When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can’t spend the money on something else.
Which is the best example of an opportunity cost quizlet?
The cost of making a choice is that the next best alternative is forgone. This is know as opportunity cost. For example if a Government decides to make the choice of devoting more resources to the NHS then the opportunity cost is devoting those resources into the education system.
What is opportunity example?
Opportunities refer to favorable external factors that could give an organization a competitive advantage. For example, if a country cuts tariffs, a car manufacturer can export its cars into a new market, increasing sales and market share.
How do you use Opportunity?
We use opportunity to talk about a situation in which we can do something that we want to do. Opportunity is most commonly followed by a verb in the to-infinitive form, or of + -ing form: I had the opportunity to go to university when I was younger but I didn’t. Now I wish I had gone.
Use opportunity cost in a sentence “ The company could spend their allocated budget on either creating a mobile application or updating their website; in order to decide which one, they must weigh the opportunity cost of not choosing the other.
How to use “opportunity cost” in a sentence?
Still,there’s a cost in that absence of effort,an opportunity cost.
What is opportunity cost with example?
The term ” opportunity cost ” comes up often in finance and economics when trying to choose one investment, either financial or capital, over another. It serves as a measure of an economic choice as compared to the next best one. For example, there is an opportunity cost of choosing to finance a company with debt over issuing stock.
What is opportunity cost in everyday life?
Opportunity Costs Definition. In economics, opportunity costs refer to the value of the next-best alternative use of that resource given limited resources. They are applicable beyond finance and accounting. In daily life, opportunity costs are the benefits or pleasures foregone by choosing one alternative over another.