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
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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
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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
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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
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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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healing‚ serving and education - a substantial contribution to the community of which the Pharmacist is an integral part. The Pharmacy degree provides training in a wide range of interrelated disciplines and therefore offers a variety of career opportunities to graduates. Community Pharmacy involves you in the dispensing of medicines‚ provision of essential clinical services including screening for cholesterol and glucose levels. In hospital pharmacy you are not only involved in dispensing of medicines
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3.4 LEIGH ANN WALKER‚ STAFF ACCOUNTANT CASE Leigh Anit Walker graduated from a major state university in the spring of 1989 with a bachelor’s degree in accounting.1 During her college career‚ Walker earned a 3.9 grade point average and was involved in many extracurricular activities‚ including several student business organizations. Her closest friends often teased her about the busy schedule she maintained and the fact that she was‚ at times‚ a little too “intense.” During the fall of
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Image Ten [Opportunity Statue] In chapter ten of Habitudes‚ Dr. Tim Elmore talks about how we have to manage our time and manage the opportunities that come our way. We only have “86‚400 seconds each day to use or abuse.” Elmore talked about the statue called Opportunity. He has hair on the front of his face‚ but he is bald in the back. This illustrates how we have to grab the opportunities when they are coming at us because once they pass there is nothing left to grab on to. Elmore mentioned
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MySpace Opportunities Founders’ experience Chris DeWolfe and Tom Anderson were able to recognize the opportunity for MySpace due to their previous experience in the expanding Internet market. They both grasped a firm understanding of the Internet advertising market while working together for almost three years on projects that both failed and succeeded. After working at first for Xdrive‚ an Internet data-storage company that fell victim to the dot-com bubble burst‚ DeWolfe and Anderson learned a
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Challenges and Opportunities Grace Robinson Challenges and Opportunities Today’s society and its leaders are currently being plagued by economical and structural issues. As a result‚ many organizations‚ institutions and high powered leaders are being forced to make a well needed change in their foundational principles in order to address the issues on hand. Many of these individuals and organizations have arrived at the realization that leadership does not lie solely on one’s ability to
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