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    Thread: what is opportunity cost?

    1. #21
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      Default Re: what is opportunity cost?

      Quote Originally Posted by remmy View Post
      what is opportunity cost and how could it be determined?
      Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice." The notion of opportunity cost plays a crucial part in attempts to ensure that scarce resources are used efficiently.


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      Default Re: what is opportunity cost?

      Opportunity cost or alternative cost simply means the best alternative foregone. It represents the benefits and individual or investor misses in order to get another one. Opportunity cost is often being used by business owners when they have multiple opportunities before them but with scarce resources to execute them. Therefore they weigh the various opportunities before them and go for the one that will be most benfitial to them.
      For instance if a company have the option of either to expand its branches or to increase its workforce. When it increases its workforce it will lead to an increase in its total output. When it increases its branches it will give it a wider coverage. If the company decides to increase its branches and then send some of its workers over there by multitasking them, it will increase production output as well as increase its business coverage. Therefore the company can forgo the alternative of increasing its workforce in place of expanding its business coverage.


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    5. #23
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      Default Re: what is opportunity cost?

      Opportunity Cost: is an economic term which refers to the value that we give up in order to choose something else. In fact when we consider multiple options and choose one which is more expensive as compare to others is called opportunity cost. In economics, it is a fundamental cost and used to find our the cost benefits analysis, such costs are never recorded in the accounting books but with a brief comparison, one can find these.

      Opportunity cost = return of most lucrative option not chosen - the return of the chosen option

      Opportunity Cost Is Closely Related to Trade-Offs It is always important to compare the options and find the best one but sometimes a person consider which suites him most due to his fundamental reasons and he goes for that option, This is similar to the trade-off as we are living in the infinite world and its hard to find the best thing that lasts forever so trade-off option is better and, move for your next action.

      If we make a comparison of comparative advantages then we can find that the choice that we make it best as always we have some fundamental reasons behind that and we become too optimistic there we did not think about our fundamental reasons and only consider financial reasons.


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    7. #24
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      Default Re: what is opportunity cost?

      The opportunity cost can be defined as the expected cost value that could be lost from the existing project if another alternative was chosen, ie the cost of the alternative chosen for the benefit lost from the first alternative, and what the second option would yield. The utility of calculating the opportunity cost This theory is used in administrative, investment and accounting decisions. It is also used to evaluate alternatives, but it is not presented in calculations or records, but in reports and studies when planning a particular decision and also used in personal life in decision making. There are several options that must be sacrificed and choose the best for higher benefit. Remember that there must be a purely study and examination of all the options of different aspects, when that is sacrificed and know whether the alternative option was better or not after application and implementation. Examples of Opportunity Cost Example One: A person with a shop will continue to run or rent it? If this person has been and will continue to operate it will be the cost of the rent he would have if he had actually rented it to someone else.

      Example 2: A person who has a plot of land worth 50,000 dinars, and has several options to build a commercial project as a fuel station or building a residential complex or restaurant to achieve a 15% increase on the value of the land what to choose? If the person decides to build a residential complex, the cost of building the housing complex is the opportunity cost of building a gas station rather than a residential complex. If the residential complex achieves a lower return than expected, the person will lose the opportunity to build a gas station , And if the residential complex achieves a higher return, the option will be correct in achieving the return it has set.


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    9. #25
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      Default Re: what is opportunity cost?

      Quote Originally Posted by remmy View Post
      what is opportunity cost and how could it be determined?
      The opportunity cost also known as alternative cost is the value of a choice relative to an alternative when an option is chosen from two mutually exclusive alternatives the opportunity cost is the cost incurred by enjoying the benefit associated with the alternative choice the lowest of potential gain from other alternatives when one alternative is given opportunity cost is a key concept in economics and has been described as as crossing the basic relationship between security and choice the notion of opportunity ghost plays a crucial part in attempts to ensure that scares resources are used efficiently


    10. #26
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      Default Re: what is opportunity cost?

      Cost is "what is sacrificed to get something". Then, what is meant by opportunity costs?

      Yep, opportunity costs are opportunities that are sacrificed to get other opportunities / opportunities.


      Example:
      Suppose someone has $ 1,000. With that much money, he had the opportunity to go somewhere or buy an Iphone. If he chooses to buy an Iphone, he will lose the opportunity to enjoy the beauty of a recreation area; and vice versa, if he chooses to take an excursion, he will lose the opportunity to have an Iphone.

      "Missing opportunities" are what are called opportunity costs.
      So simply, Opportunity Costs is a price we have to pay when we lose an opportunity.


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    12. #27
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      Default Re: what is opportunity cost?

      Can be defined as the expected cost value that can be lost from the existing project if another alternative is chosen, ie the cost of the alternative chosen against the benefit lost from the first alternative, and what the return will be achieved by the second option and uses this theory in the management, investment and accounting decisions, Are used to evaluate alternatives but do not appear in calculations or records but in reports and studies when planning a particular decision and also used in personal life in decision-making, if there are several options must be sacrificed and missed It is best to have a higher benefit. There is a purely study and examination of all the options from different aspects. When this is sacrificed, knowing whether the alternative option was better or not after application and implementation


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    14. #28
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      Default Re: what is opportunity cost?

      Opportunity costs are costs incurred when choosing an activity. Opportunity costs arise from alternative activities that we cannot do.

      Opportunity costs are benefits that are sacrificed when choosing one among several alternative opportunities to obtain sacrificed benefits when choosing one of several alternative opportunities to obtain profit or profit benefits.

      Characteristics of Opportunity Costs
      Calculation of opportunity costs is not always related to money. Can be time, pleasure, profits in the future and others
      Has many possible uses
      Decision-making opportunity costs depend on individual goals and situations
      Usually a secondary or tertiary need


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    16. #29
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      Default Re: what is opportunity cost?

      Before entering into the definition of this term we would like to point out that in life there are always several choices, whether moral or material, and the person chooses what he wants, does he stick to what is available or choose a substitute for what is available? This is what we mean by the cost of leaving available versus the other alternative, the cost that the alternative would provide if we were to implement it. The choice here is relative and theoretical, but subject to consideration of the expected benefit of the alternative. The opportunity cost can be defined as the expected cost value that could be lost from the existing project if another alternative was chosen, ie the cost of the alternative chosen for the benefit lost from the first alternative, and what the second option would yield.


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    18. #30
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      Default Re: what is opportunity cost?

      As a result of limited material resources, if material resources are available there is no choice between alternatives or opportunities for sacrifice, but the implementation is higher with a lower level of responsibility and less risk The selection decision must be made from among several unequal alternatives and suppose that the best choice was accepted that the choice was made not to take advantage of the existing benefits. If the second best choice was approved, the new Oxford American Dictionary would be known as the opportunity cost. Benefits from other alternative opportunities when one alternative choice opportunity cost of a basic concept in economics has been described as expressing the basic relationship between scarcity and choice


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