Opportunity Cost Lets start with a small introduction to the topic Opportunity Cost. Opportunity cost is the cost of any activity measured in terms of the value of the next best alternative forgone (that is not chosen). It is the sacrifice related to the second best choice available to someone‚ or group‚ who has picked among several mutually exclusive choices. The opportunity cost is also the "cost" (as a lost benefit) of the forgone products after making a choice. Opportunity cost is a
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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 ways and
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thousands of immigrants coming from the same situations who are waiting through the legal method of entering our nation‚ and becoming a citizen. Two similar yet very different situations have pushed us to make a decision over their lives that many never wanted to have. What to do with illegal immigrants has been a moral battleground for decades‚ causing some to say we should integrate them into our society‚ while others believe that they should
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understanding about cost accounting. This paper will discuss: Why is cost accounting so important to the success of the firm; what are the various methods of cost accounting and how are they used; how does an operating budget work to discipline a firm’s management; what are the elements of a budget; how are budgets constructed; what is variance analysis and how it is used. Cost accounting can be described as the process of accumulating‚ measuring‚ analyzing‚ interpreting and reporting cost information
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I believe Jane Elliot effectively created two unequal groups in the three times we watched her run her experiment. Each time one group was given considerable special treatment. The "majority" group was giving things like being allowed into the conference room early‚ given seats and a more comfortable environment‚ and treated with respect. The advantages were even more distinguishable for the "minority" group who was subjected to sub par conditions‚ forced to wear bands of shame‚ and faced even harsher
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the changing in technology would lead to an influence on globalization of markets and globalization of production. The widely use in microprocessors and telecommunications increasing the amount of information being transferred‚ but lower its cost. This is very helpful in merging markets. The opportunities for companies to expend businesses are raised‚ due to plummeting in global communication cost. Updated data can be collected‚ and monitoring overseas markets trend would become easier. Moreover‚
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Your Education 102: The Coming of the Robots How important is your future education to you? How important is the future of the education system to you? For centuries‚ since the beginning of time‚ humans have been trying to further education; it started with something like discovery of fire and and continued centuries later with the invention of the wheel‚ and after that there was inventions like the light bulb and the first computer. If we look back on history‚ it would seem that humankind’s progress
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all the resources available to the company to maximize their profit and be efficient in every way possible. It is therefore the duty and obligation of the operation management to see that all these are made possible. The operation management of the company must have proper experience and knowledge of how to handle different situations‚ how to manage resources‚ and mainly tackle any kind of problem that may arise during the functioning of any department in the company.
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CONTENTS 1 EXECUTIVE SUMMARY 2 INTRODUCTION 3 - 7 STUDY OF OBJECTIVES‚ SCOPE & LIMITATION 8 RESEARCH METHODOLOGY 9 - 12 COMPANY PROFILE 13 – 20 CONCEPTUAL BACKGROUND 21 - 25 COMPETITIVENESS OF BUSINESS PROCESS INTEGRATION 26- 65 ANALYSIS & INTREPRETATION 66 - 81 PORTER’S FIVE FORCES MODEL 82 - 84 SWOT ANALYSIS 85 - 87 FINDINGS AND SUGGESTIONS 88 - 89 CONCLUSION 90 ANNEXURE 91 - 92 BIBLIOGRAPHY 93 1. EXECUTIVE SUMMARY This project is done at GARDEN CITY FASHIONS
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manufacturing cost categories. LO2 Distinguish between product costs and period costs and give examples of each. including calculation of the cost of goods sold. LO4 Prepare a schedule of cost of goods manufactured. LO5 Understand the differences between variable costs and fixed costs. LO6 Understand the differences between direct and indirect costs. LO7 Define and give examples of cost classifications used in making decisions: differential costs‚ opportunity costs‚ and sunk costs. LO8
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