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Opportunity cost is the value of something when a particular course of action is chosen. Simply put, the opportunity cost is what you must forgo in order to get something. The benefit or value that was given up can refer to decisions in your personal life, in a company, in the economy, in the environment, or on a governmental level.
Examples of Opportunity Cost Someone gives up going to see a movie to study for a test in order to get a good grade. The opportunity cost is the cost of the movie and the enjoyment of seeing it. At the ice cream parlor, you have to choose between rocky road and strawberry.
When you choose rocky road, the opportunity cost is the enjoyment of the strawberry. A player attends baseball training to be a better player instead of taking a vacation.
The opportunity cost was the vacation. It takes her 60 minutes to get there on the bus and driving would have been 40, so her opportunity cost is 20 minutes.
This semester you can only have one elective and you want both basket-weaving and choir.
You choose basket weaving and the opportunity cost is the enjoyment and value you would have received from choir. The opportunity cost of taking a vacation instead of spending the money on a new car is not getting a new car.
If you decide not to go to work, the opportunity cost is the lost wages. For a farmer choosing to plant corn, the opportunity cost would be any other crop he may have planted, like wheat or sorghum.
Tony buys a pizza and with that same amount of money he could have bought a drink and a hot dog. The opportunity cost is the drink and hot dog.
The opportunity cost is having the electricity turned off, having to pay an activation fee and late charges. You might also have food in the fridge that gets ruined and that would add to the total cost. David decides to quit working and got to school to get further training.
The opportunity cost of this decision is the lost wages for a year.
She wanted to wait two months because the stock was expected to increase. She decides to sell now. Jorge really wants to eat at a new restaurant and can only afford it if he does not order a dessert.
The opportunity cost is the dessert. A business owns its building. If the company moves, the building could be rented to someone else.
The opportunity cost of staying there is the amount of rent the company would get. When Tobias graduated high school, he decided to go to college.
The opportunity cost of going to college is the wages he gave up working full time for the number of years he was in college. Mario has a side business in addition to his regular job. If he decides to spend more time on his side business, the opportunity cost is the wages he lost from his regular job.
If he decides to do it himself, it will take four hours. With these examples you can see what opportunity cost means and how it can apply in different situations. YourDictionary definition and usage example.The Department of State’s Office to Monitor and Combat Trafficking in Persons leads the United States' global engagement against human trafficking, an umbrella term used to describe the activities involved when someone obtains or holds a person in compelled service.
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This is one of a few examples of Business Opportunity Watch Reviews which are freely available for everyone to read on the public section of the website.
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Notice of Standard Competition. As prescribed in (a), insert the following provision. Notice of Standard Competition (May ) (a) This solicitation is part of a standard competition under Office of Management and Budget Circular No.
About this report. The signature activity of the Council of Independent Colleges’ initiative, Securing America’s Future, was a series of eight workshops hosted by CIC member presidents on campuses across the nation in –The goals of these workshops were to help member colleges and universities prepare for the future more effectively and become more engaged in promoting the value.