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Fun Video: Introduction to Opportunity Cost Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

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FAQs on Fun Video: Introduction to Opportunity Cost Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

1. What is opportunity cost?
Ans. Opportunity cost refers to the value of the next best alternative that is foregone when making a decision. It represents the benefits that could have been gained from choosing an alternative option.
2. How is opportunity cost calculated?
Ans. To calculate opportunity cost, one needs to evaluate the benefits and costs associated with each alternative and compare them. The opportunity cost is then determined by subtracting the benefits of the chosen option from the benefits of the next best alternative.
3. Why is understanding opportunity cost important in decision-making?
Ans. Understanding opportunity cost is crucial in decision-making as it helps individuals and businesses make informed choices. By considering the potential benefits and drawbacks of different options, one can assess the true cost of a decision and choose the most beneficial alternative.
4. Can opportunity cost be applied to personal finances?
Ans. Absolutely. Opportunity cost is applicable to personal finances as well. For example, if an individual decides to invest money in stocks, they must consider the opportunity cost of not investing in other assets like bonds or real estate, which may have provided different rates of return.
5. How does opportunity cost relate to time management?
Ans. Time management involves prioritizing tasks and allocating time to each activity. Opportunity cost comes into play when choosing how to spend time, as the time spent on one task means sacrificing the opportunity to accomplish other tasks. Understanding opportunity cost helps individuals make effective decisions about how to utilize their time efficiently.
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