B Com Exam > B Com Videos > International Business > Opportunity Cost, International Business
Opportunity Cost, International Business Video Lecture | International Business - B Com
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FAQs on Opportunity Cost, International Business Video Lecture - International Business - B Com
| 1. What is opportunity cost in international business? |  |
Ans. Opportunity cost refers to the potential benefit or value that is foregone when choosing one course of action over another in international business. It represents the benefits of the next best alternative that is forgone when a particular decision is made. In the context of international business, it can be the potential profits or opportunities that are missed out on when choosing to invest in one foreign market over another.
| 2. How does opportunity cost impact decision-making in international business? | |
Ans. Opportunity cost plays a crucial role in decision-making in international business. It helps businesses evaluate the potential benefits and drawbacks of different options and make rational choices. By considering the opportunity cost, businesses can assess the potential risks and rewards associated with each decision and make informed choices that align with their objectives. It also helps prioritize investments and allocate resources efficiently in the global market.
| 3. Can you provide an example of opportunity cost in international business? | |
Ans. Certainly! Let's consider an example where a multinational company has to choose between investing in a market with high growth potential but high political risk (Market A) or a market with moderate growth potential but low political risk (Market B). The opportunity cost in this scenario would be the potential profits and growth that the company could have achieved in Market A if they had chosen it over Market B. By choosing Market B, the company is sacrificing the potential benefits that Market A could have provided.
| 4. How can businesses minimize opportunity cost in international business? | |
Ans. Businesses can minimize opportunity cost in international business by conducting thorough market research and analysis. This includes assessing the potential risks and rewards of different markets, identifying suitable investment opportunities, and considering factors such as political stability, market demand, competition, and regulatory environment. By gathering comprehensive information, businesses can make more informed decisions and minimize the chances of selecting options with higher opportunity costs.
| 5. What are the potential risks of ignoring opportunity cost in international business? | |
Ans. Ignoring opportunity cost in international business can lead to various risks. Businesses may invest resources in markets or projects that do not yield optimal returns, resulting in missed profit opportunities. It can also lead to inefficient allocation of resources, where investments are made in markets with lower growth potential or higher risks. Ignoring opportunity cost can hinder business growth and competitiveness in the global market, as it prevents businesses from making informed decisions and capitalizing on the most favorable opportunities.
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Nov 16, 2024 Last updated |
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