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
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
1. Opportunities 2.1 旅游产业发展迅速 2004年，我国入境旅游全面恢复振兴并有新的突破性大发展。全年入境旅游人数达1.09亿人次，比2003年增长18.96%，比2002年增长11.37%：其中外国人1693.25万人次，比上年增长48.49%，比2002年增长25.99%。 In 2004‚ China’s inbound tourism revitalization and has new breakthrough in big development is fully restored. Throughout the year to 109 million‚ the number of inbound tourism increased by 18.96% than in 2003‚ up 11.37% from 2002‚ 16.9325 million people‚ including foreigners an increase of 48.49% over the previous year‚ up 25.99% from 2002
Premium Yangtze River Tourism Shanghai
especially children and old people‚ therefore‚ is able to avoid bad weather or heavy traffic which is not good for their health. Last but not least‚ the construction and operation of the new movie theater will significantly help in enhancing the economic condition of people in my neighborhood. There is no doubt that the new construction will require a large number of labors which may come from my neighbors. After the construction is finished‚ the movie theater needs people‚ such as managers and sales
Premium Film
What Are Some Economic Challenges and Opportunities of Globalization? Have you ever wondered what life would be like without electronics‚ transportation and no communication whatsoever to any other countries? Simple examples (like the ones previously stated) have had a great impact on today’s society‚ and have caused drastic changes in economies all over the world throughout the past few decades. Four reasons why Canadian economy has been affected by globalization are: the World Trade Organization
Premium International trade General Agreement on Tariffs and Trade World Trade Organization
Opportunities Paper One of the most difficult tasks in life is choosing a career path. Individuals often question which skills‚ values‚ traits‚ and other qualities they possess that may or may not match up with a possible job that would spark a life-long interest. Even for myself‚ I am still questioning which direction I am meant to take. I started my original journey at higher education at Slippery Rock University of Pennsylvania in an Exercise Science program destined to eventually end up with
Premium Academic degree Bachelor's degree Bachelor of Science
after these wars. Because of the debt that was accumulated‚ Britain had since started to control the colonies overseas‚ and imposed several economic acts on the colonies. Great Britain and her North American colonies were economic in origin rather than rooted in political and social controversies and differences. Conflict in Great Britain was mainly economic because of the acts Great Britain imposed and views they had on why the colonies existed. Mercantilism‚ the thought of exporting more than importing
Premium American Revolution Thirteen Colonies United States
the Wall of DBQ in extreme weathers like -20 to -30 degrees‚ but the peasants and soldiers were doing for the greater good.The Great Wall of DBQ was 13‚170 miles long and it took lots and lots of years to complete. The Wall was built with a lot of curves and twists to cover difficult terrain that was the border‚ like mountains‚ hills etc. It increased trade and was used for protection from the Xiongnu. Did the benefits of the Great Wall outweigh the human cost. The Great Wall is DBQ of Worth it with
Premium People's Republic of China China United States
(2003) describes an entrepreneurial opportunity as: “...a situation in which a person can create a new means-end framework for recombining resources that the entrepreneur believes will yield a profit. This definition of an entrepreneurial opportunity is useful in that entrepreneurial opportunities are about two things: something happening in the environment (resources) and something to do with the individual (creation‚ beliefs‚ recombination). Since opportunities are not always profitable the key word
Premium Joseph Schumpeter Economics Entrepreneurship
Opportunity Cost Scarcity of resources is one of the more basic concepts of economics. Scarcity necessitates 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 (the next best alternative) as a result of the decision. Any decision that involves a choice between two or more options has an opportunity cost. Opportunity cost contrasts to accounting
Free Economics Costs Microeconomics