In microeconomic theory‚ the opportunity cost of a choice is the value of the best alternative forgone‚ in a situation in which a choice needs to be made between several mutually exclusive alternatives given limited resources. Assuming the best choice is made‚ it is the "cost" incurred by not enjoying the benefit that would be had by taking the second best choice available.[1] The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative
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“Facing It” is a very sincere‚ emotional poem; the speaker in this poem is an African American Vietnam veteran visiting the Vietnam memorial in Washington D.C. The speaker is an African American because he states this in the lines “My black face fades‚ hiding inside the black granite” (Komunyakaa 1-2). The speaker’s memories of the war are like undying passenger with him for the remainder of his life. The passenger has a solid grip on the speaker when he gazes at the wall of names at the Vietnam
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resources is one of the more basic concepts of economics. Scarcity needs 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 as a result of the decision. Any decision that involves a choice between two or more options has an opportunity cost. Opportunity cost‚ scarcity and trade-off are important in our daily life because it affects us every day in different
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Apa sih opportunity cost? Untuk yang pernah belajar ekonomi pasti kenal baik dengan istilah ini‚ tapi buat yang lain‚ opportunity cost is : "...the cost of something in terms of an opportunity foregone (and the benefits that could be received from that opportunity)‚ or the most valuable foregone alternative." (Dictionary.LaborLawTalk.com) Kalau diterjemahkan adalah suatu biaya dari hilangnya suatu kesempatan dalam menggunakan sumber daya tertentu. Kalau kita melihat waktu sebagai sumber daya
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only a few are born with‚ but a life skill that can be learned. The first chapter presents a brief overview of the writing process‚ explored in greater depth throughout the book. Now I invite you to decide to excel in this course. Let Evergreen be your guide‚ and enjoy the journey. Copyright © Cengage Learning. All rights reserved. A. The Writing Process Many people have the mistaken idea that good writers simply sit down and write out a perfect letter‚ paragraph‚ or essay from start to
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United States of America Land of Opportunity? United States of America is known as the land of opportunity for many immigrants who dare to dream of a better life. Since the beginning of American history‚ United States has focused more about equal opportunity than any other country. There are many people who strongly believe that once they come to the United States it is almost guaranteed to find success. For example‚ my relatives in Korea always ask my parents how much my family has earned so far
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Image Ten [Opportunity Statue] In chapter ten of Habitudes‚ Dr. Tim Elmore talks about how we have to manage our time and manage the opportunities that come our way. We only have “86‚400 seconds each day to use or abuse.” Elmore talked about the statue called Opportunity. He has hair on the front of his face‚ but he is bald in the back. This illustrates how we have to grab the opportunities when they are coming at us because once they pass there is nothing left to grab on to. Elmore mentioned
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MySpace Opportunities Founders’ experience Chris DeWolfe and Tom Anderson were able to recognize the opportunity for MySpace due to their previous experience in the expanding Internet market. They both grasped a firm understanding of the Internet advertising market while working together for almost three years on projects that both failed and succeeded. After working at first for Xdrive‚ an Internet data-storage company that fell victim to the dot-com bubble burst‚ DeWolfe and Anderson learned a
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The French government had many problems financially and politically before 1789 that built up over a number of years and a number of monarchs. The problems stemmed from a growing disorder in the finances‚ aristocratic privileges‚ new revolutionary philosophies‚ power struggles‚ and a weak monarch. Due to lengthy and very costly wars‚ Louis XIV and Louis XV played a big hand in bankrupting France. The French had suffered big defeats and therefore had lost men and supplies. They also failed to gain
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The migration of people to cities is one the biggest problems facing the world’s cities today. Discuss the main causes. What solutions could be used to tackle the situation? Nowadays‚ the issue of urbanization is more frequently discussed than ever before due to its increasing impacts on lives and on the environment. Most people will not argue the fact that living in a city is easier overall than living in the country. Despite that fact‚ many generations have lived in rural settings by choice over
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