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Avail Vivid Vision Regarding All the Concepts of Opportunity Cost
What is Opportunity Cost?
Opportunity Cost can also be called alternative cost and this is a theory found in the concept of Microeconomics. This puts emphasis on the particular alternative chosen among multiple exhilarating alternatives. In the other words, it can be said that the alternative is selected to earn huge benefit.
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Types of Opportunity Cost:
Opportunity Cost can be classified into two different sections in accordance with the production and they are:
- Explicit costs: They incorporate direct monetary matters.
- Implicit costs: They don’t deal with money related issues directly.
However, the most significant part of Opportunity Cost is that it never can be zero.
Some basic elements:
To study Opportunity Cost, one must know the fundamentals of these below-listed elements:
- Forgone Alternative:
The choice or alternative preferred in Opportunity Cost must forego and that is known as Forgone Alternative.
- Pursuit of An Activity:
Through this, one can not only make his or her choice but also assign resources to make that choice.
- Highest Valued:
This indicates the chosen alternative that has gotten the highest value among those other exclusive alternatives.
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Examples of Opportunity Cost:
When you have to make your mind about buying a particular dress among many beautiful dresses that is considered to be nothing but an example of Opportunity Cost.
A student decides to start doing his homework instead of going to play. That is also a prior example of Opportunity Cost.
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However, Opportunity Cost obtains two significant values those may include:
- Value of Time.
- Value of money.
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