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Which example illustrates opportunity cost?
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.
Which is the best definition of an economic continuum?
Economic Continuum. a range with no clear divisions. On one end of the eco. Con. Is centrally planned governments (I.e. north korea) and on the other end is the free market (like america)
How do you turn opportunities into strengths?
How the Most Effective Leaders Turn Weaknesses Into Strengths
- Recognize and accept your weaknesses.
- Get guidance from someone you trust.
- Be very prepared.
- Hire the skills you lack.
- Get just good enough.
- Look for ways to serve others with the same problem.
What is another way to say given the opportunity?
What is another word for given the opportunity to?
| enabled | allowed |
|---|---|
| equipped | equipt |
| readied | set up |
| given the means to | given the resources to |
| let | letten |
Under what circumstances are opportunity costs relevant to a decision?
In business, opportunity costs play a major role in decision-making. If you decide to purchase a new piece of equipment, your opportunity cost is the money spent elsewhere. Companies must take both explicit and implicit costs into account when making rational business decisions.
Are opportunity cost and sacrifice the same thing?
Sacrifice is a given measurement in opportunity cost of which the decision maker forgoes the opportunity of the next best alternative. In other words, to disregard the equivalent utility of the best alternative choice to gain the utility of the best perceived option.
Does socialism cause inflation?
It should be pointed out that, unlike the situation with capitalism, under socialism a fall in prices has inflationary effects as it may create excess demand (other things being equal).
What is the definition of open opportunity?
open opportunity. An opportunity that has not yet been won or lost and is at any of the following sales stages: prospecting, qualification, needs analysis, proposal, price quote, negotiation, or review. (You must log in first to edit the definition.) 0 0. You have to log in to vote. Improve it.
What does opportunity mean?
Opportunity noun. Fit or convenient time or situation; a time or place permitting or favorable for the execution of a purpose; a suitable combination of conditions; suitable occasion; chance. Etymology: [F. opportunit, L. opportunitas. See Opportune.]
What is another word for opportunities?
Another word for opportunity. opportunity Synonyms. n. Favorable circumstances. chance, occasion, suitable circumstance, juncture, opening, excuse, happening, contingency, event, befalling, probability, fitness, fortuity, good fortune, luck, hap*, fair go*, break*, even break*, shot*; see also possibility 2.
What is the definition of window of opportunity?
Definition of window of opportunity. : the time during which there is a chance to do something. The window of opportunity has closed/ended.