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
Premium Economics Opportunity cost Microeconomics
Understand the Vietnamese logistics industry In a global economic downturn‚ there are few opportunities for the transport and logistics sector. However Vietnam continues to offer long term growth potential for those companies willing to risk expansion in this immature but fast-developing market. The country has become a focal point for off-shore production for global manufacturers looking for even lower cost locations than in China. The latter market has seen labour and transportation costs
Premium Transport Logistics Supply chain management
is ‘equality of opportunity’? “Equality of opportunity is a political ideal that is opposed to caste hierarchy but not to hierarchy per se” (Arneson) The rational behind this political ideal is that society is uneven‚ with privileges‚ standing and potential for success being heavily influenced by many different factors predetermined by birth. The political ideal places an individual in any given rung of social hierarchy as a result of their background. Equality of opportunity calls on a ‘fairness
Premium Egalitarianism Discrimination Affirmative action
Opportunities for Netflix With the fast pace advancement in technology‚ Netflix can easily source for the technology and infrastructure to provide VOD services to its customers. Moreover‚ Netflix can review on the current competitors in the VOD market to have a safer measure before entering into the market. Since Netflix already have an infrastructure for online customers‚ and that is their point of contact with customers‚ they could be at an advantage to change their business model
Premium Blu-ray Disc Good Streaming media
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
Premium Economics Costs Cost
Opportunity of a lifetime The metaphor‚ “When one door closes‚ another opens” is a famous quote by Alexander Graham Bell. When one door closes‚ this finishes the chapter of one aspect of their life. When another door opens‚ becomes an opportunity to start something new. An alternative metaphor that I’ve chosen is “If an opportunity doesn’t knock‚ build a door” presents as an opportunity waiting to happen. But one must work hard for the opportunity and should not expect the reward to happen easily
Premium
Introduction Development of Logistics Industry in China Development trend of China’s logistics industry More competitions in further from the foreign investment and private enterprise in China The Corning of the integration Storm in China Conclusion Reference Introduction With China’s entering WTO and the coming of the economic globalization‚ modern logistics has stepped into a far increased stage. In 2003‚ the logistics in China occupied RMB 240 billion
Premium Logistics
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
Premium Economics Price Opportunity cost
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
Premium Economics Price Costs
Assignment #3: Powell Logistics Case Study A. Defining the issue The immediate issue is to make a decision on the future of the family company. B. Analyzing the Case Data * The truck transportation industry is a vital part of the Canadian economy with $43 billion in sales annually and employing 400‚000 people * The for-hire sector accounts for 40% of the transportation industry in Canada * The for-hire sector has 2 service offerings: TL – Truck load‚ only full load between 2
Premium Debt Expense Operating expense