Opportunity cost Have you ever been in the situation deciding which cloth to buy? Have you ever facing the dilemma of to study or to play? Have you ever consider as a seller and choose to lower the price or raise it? In the field of economics‚ here’s a solution for you. The magic word is “opportunity cost”. Opportunity cost in terms of economy is the highest-value alternative one has to give up to engage in an activity. In other words‚ using the same resources such as money and time‚ the best
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Introduction Developing country means the countries compared with the developed countries have lower degree of development of the economic and social aspects. Developing countries have a vast territory‚ large population‚ vast market and rich natural resources. There are many strategic places‚ in terms of economic‚ trade‚ or from the military‚ occupied an important strategic position. China is the largest developing country. Developed country Refers to a higher level of economic development‚ the technology
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Opportunity costs The first opportunity cost that I made was choosing to enroll in a university that offers online courses or going to a traditional university that only has classroom style learning. The pros of attending online for me included not having to commute back and forth 40 additional miles per day‚ not having to hire a babysitter for my child‚ and I’d be in the comfort of my own home or environment to my liking when I studied. The cons included‚ not having that social connection to my
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TUI University Variable and Fixed Cost Module 1 Case Dr. Li-Lin Liu Pa April 22‚ 2012 Part I: Use the background material and Internet to answer the questions below. Discuss and analyze the difference between managerial and financial accounting. Pay particular attention to: * How is managerial accounting different from financial accounting? Comment on the different needs and use of financial information for internal purposes. * The managerial accounting profession and its role
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questions 1. What are the trends in the mobile handset industry? What is Nokia’s strategy and how has globalisation changed its way of operation? Where is the market for mobile handsets? In the developed markets? In the emerging economies? What is the nature of demand in these markets? What kinds of handsets do people want? What are the costs of manufacturing? How can these costs be reduced? Has globalisation shifted economic activity between and within regions? In what way? Look up a concept
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Ronald Coase noted‚“The cost of doing anything consists of the receipts that could have been obtained if that particular decision had not been taken.” For example‚ the opportunity set for this Friday night includes the movies‚ a concert‚ staying home and studying‚ staying home and watching television‚ inviting friends over‚ and so forth. The opportunity cost of taking job A included the forgone salary of $102‚000 plus the $5‚000 of intangibles from job B. Opportunity cost is the sacrifice of
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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
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Discuss the opportunity cost of getting your MBA. What steps and economic factors must a student make when choosing between getting a degree and taking another route in life? Feel free to include aspects from your own decision to pursue your MBA. When considering to starting an MBA program‚ there are many questions that you have to ask yourself. Can I afford the program? Will it help me to become more marketable in the job industry? Will I have time to dedicate into completing coursework?
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Douglas Kleinsmith Lisa Rochford 8:00- 9:20 MW 18 March 2013 What Can You See? For many‚ you have to see something to believe it. However‚ when looking at the beliefs of a blind person‚ we discover that seeing may actually distort our beliefs. In Raymond Carver’s short story “Cathedral”‚ an unnamed narrator tells a story of meeting a blind man for the first time in his life. Before meeting Robert‚ the narrator tells us of how uncomfortable he is about him. If it had not been for his obligation
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Class Serial No- 4. Economics Assignment- 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
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