choosing one option‚ item‚ good‚ or service over another‚ opportunity cost is the value of what is foregone in order to have the alternative option. More simply‚ the opportunity cost of an item is the benefits you could have received by taking an alternative action. Every decision that involves a choice between two or more options has an opportunity cost. Opportunity costs are not limited to fiscal or monetary costs‚ the value or opportunity not chosen can take many forms including lost time‚ foregone
Premium Economics Price Opportunity cost
But economic growth also has opportunity costs! (Let TA handle in recitation) An important factor responsible for economic growth is an increase in capital Capital goods long-lasting tools used to produce final/consumption goods (goods that are used up) But capital itself has to be produced by the use of other resources (e.g. tractors‚ R & D) More capital a society produces today higher will be future output of final goods growth in the output of final goods => PPF will push out
Premium Economics
Appealing as travel may be‚ I have not had the opportunity to wander much outside of the southeastern United States. Even when I have had the chance to venture‚ it has been to visit loved ones or vacation for a few days. I am not stating this for anyone to empathize with me‚ but rather to express the fact that I have never experienced another culture outside of the U.S.‚ and other than watching the nightly world news‚ I am not aware of non-American issues. As a privileged American‚ I know there are
Premium United States Psychology English-language films
Opportunity is the Key to Success "And that opportunity played a critical role in their success" (30 Gladwell). Many times‚ people will argue that if you want something‚ you can achieve it simply through hard work; however‚ that is not always the case. In Malcolm Gladwell’s Outliers‚ he explains the significant amount of opportunities that successful people are given. Gladwell uses the example of Joe Flom to explain how timing is a huge factor in success. Early in his career‚ he was declined by
Premium Computer Malcolm Gladwell Computer programming
Lesson 1 FOUNDATIONS OF ECONOMICS Lesson 1- Economic System & Opportunity Cost 1 Learning Objectives By the end of this unit‚ you should be able to: give an overview of Economics deal with the Economic Problem discuss the Methodology in Economics differentiate between Microeconomic Issues and Macroeconomic Issues Lesson 1- Economic System & Opportunity Cost 2 Lesson 1- Foundations of Economics Lesson 1-pg1 What is Economics? Economics is the study of how people and society
Premium Economics
There are many different factors that have to be considered when examining the role of access to opportunity structures in causing crime and deviance. Merton’s ‘Strain theory and anomie’ argues that deviance arises from the structure of society and that unequal access to legitimate opportunity structures is the cause of deviant behaviour. The main point that Merton’s theory outlines is the fact that people engage in deviant behaviour because they are unable to achieve socially approved goals by legitimate
Premium Sociology Criminology
Discuss The Future Challenges And Opportunities To Malaysia’s MICE Industry “Malaysia is fast emerging as one of the top destinations in the world for Meetings‚ Conventions‚ Incentives and Exhibitions (MICE). The country ranks 23rd in the world‚ based on the International Congress and Convention Association’s statistical preview of association meetings held in 2006‚ up 10 spots from the previous year. Malaysia is banking on its top-notch convention centres‚ quality accommodation‚ value-added services
Premium Tourism World Tourism Organization Sustainable tourism
DBQ: How much economic opportunity truly did exist in colonial America‚ and what factors affected the colonists’ opportunities to succeed? America‚ the “land of opportunity”. Most people came to colonial America for this reason. They wanted the opportunities America had to offer. The biggest attraction was that people coming over as laborers could gain three times the wages as they were making in England. However‚ there were distinguishing factors that were considered pertaining to how much
Premium Slavery Indentured servant Indenture
Essay 1 - Please describe how Worcester State University fits into your educational plans and how you will contribute to campus life. The expectations that people have for our generation are a big reason why we‚ students‚ try to maintain focus in our academics and become professionals in our working fields. In some instances‚ it is important to attain a college education because there is a need for knowledge in the lives of those who want to achieve their goals on a professional level
Premium University Academia College
CHAPTER 2 EQUAL EMPLOYMENT OPPORTUNITY AND HUMAN RESOURCES MANAGEMENT In this chapter you will learn how managers must be constantly aware of the laws and regulations governing the employment relationship. This is true for both federal and state regulations. Many of these laws concern the fair and equal employment of protected classes of workers‚ although equal employment opportunity (EEO) laws pertain to all members of the labor force. You will understand from this chapter that equal
Premium Discrimination Affirmative action