What Is Another Name For Opportunity Cost In Economics?

What is the meaning of opportunity?

noun, plural op·por·tu·ni·ties.

an appropriate or favorable time or occasion: Their meeting afforded an opportunity to exchange views.

a situation or condition favorable for attainment of a goal.

a good position, chance, or prospect, as for advancement or success..

What is the opportunity cost in economics?

What Is Opportunity Cost? Opportunity costs represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. The idea of opportunity costs is a major concept in economics. … Bottlenecks, for instance, are often a result of opportunity costs.

What is another name for opportunity?

In this page you can discover 58 synonyms, antonyms, idiomatic expressions, and related words for opportunity, like: chance, suitable circumstance, fortuity, event, luck, probability, good-fortune, happening, contingency, opening and fitness.

What is opportunity cost easy definition?

In microeconomic theory, opportunity cost, or alternative cost, is the loss of potential gain from other alternatives when one particular alternative is chosen over the others. In simple terms, opportunity cost is the loss of the benefit that could have been enjoyed had a given choice not been made.

Which situation is best example of opportunity cost?

Examples of Opportunity Cost. Someone gives up going to see a movie to study for a test in order to get a good grade. The opportunity cost is the cost of the movie and the enjoyment of seeing it. At the ice cream parlor, you have to choose between rocky road and strawberry.

What is opportunity cost diagram?

Definition – Opportunity cost is the next best alternative foregone. If we spend that £20 on a textbook, the opportunity cost is the restaurant meal we cannot afford to pay. If you decide to spend two hours studying on a Friday night. The opportunity cost is that you cannot have those two hours for leisure.

What is the opportunity cost of a particular product?

— In the words of Left witch, “Opportunity cost of a particular product is the value of the foregone alternative products that resources used in its production, could have produced.” Opportunity cost is not what you choose when you make a choice —it is what you did not choose in making a choice.

How do you describe an opportunity?

Here are some adjectives for opportunity: absolutely unmolested, unexpected but marvelous, off-base equal, unbelievably golden, decorous and appropriate, consequently inexhaustible, unique and agreeable, continuously wider, earliest favorable, extremely suitable, ready-made and natural, perfect, risk-free, exhilarating …

What is an opportunity cost in economics with examples?

When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can’t spend the money on something else.

What is another name for price?

In this page you can discover 86 synonyms, antonyms, idiomatic expressions, and related words for price, like: outlay, figure, penalty, charge, value, appraisement, barter, estimate, discount price, impost and reckoning.

What is the importance of opportunity cost?

Opportunity Cost helps a manufacturer to determine whether to produce or not. He can assess the economic benefit of going for a production activity by comparing it with the option of not producing at all. He may invest the same amount of money, time, and resources in another business or Opportunity.

What is opportunity cost explain with numerical example?

Opportunity cost is the next best alternative foregone in choosing the best one. Suppose an economy produces only two goods X and Y. … if the economy decides to produce 2X, it has to cut down production of Y by 2 units because resources are limited. in this case opportunity cost of producing one more unit of X is 2Y.

What is opportunity cost in this scenario?

The opportunity cost in this scenario is the three lost opportunities Harry experiences by deciding to go to his parents house. The term opportunity cost refers to the loss of potential gain from other alternatives when one alternative is chosen.

What’s another word for chance?

SYNONYMS FOR chance 2 accident, fortuity. 3 contingency. 4 opening. 11 befall.