Economics Exam > Economics Videos > Microeconomics- Interaction between individual buyer-seller > Introduction to Opportunity Cost
Introduction to Opportunity Cost Video Lecture | Microeconomics- Interaction between individual buyer-seller
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41 videos|12 docs|7 tests
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FAQs on Introduction to Opportunity Cost Video Lecture - Microeconomics- Interaction between individual buyer-seller
| 1. What is opportunity cost? |  |
Ans. Opportunity cost refers to the benefits or value of the next best alternative that is forgone when a decision is made to choose one option over another.
| 2. How is opportunity cost calculated? | |
Ans. Opportunity cost is calculated by comparing the benefits or value of the next best alternative with the benefits of the chosen option. The difference between the two is considered the opportunity cost.
| 3. Why is understanding opportunity cost important? | |
Ans. Understanding opportunity cost is important because it helps individuals and businesses make more informed decisions by considering the value of the options they are choosing from and the potential benefits they are giving up.
| 4. Can opportunity cost only be measured in monetary terms? | |
Ans. No, opportunity cost can be measured in various ways, not just in monetary terms. It can also be measured in terms of time, resources, or any other valuable asset that is being sacrificed.
| 5. How can individuals minimize opportunity cost in decision-making? | |
Ans. Individuals can minimize opportunity cost in decision-making by carefully evaluating all available options, considering the potential benefits and drawbacks of each, and choosing the option that provides the greatest overall value.
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Dec 22, 2024 Last updated |
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