SSC CGL Exam > SSC CGL Videos > SSC CGL Tier 2 - Study Material, Online Tests, Previous Year > Example: Opportunity Cost
Example: Opportunity Cost Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
|
1365 videos|1312 docs|1010 tests
|
FAQs on Example: 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 forgone when making a decision. It is the cost of choosing one option over another and includes the benefits or profits that could have been gained from the next best alternative.
| 2. How is opportunity cost calculated? | |
Ans. To calculate opportunity cost, you need to compare the benefits or profits of the chosen option with the benefits or profits of the next best alternative. By subtracting the benefits of the next best alternative from the benefits of the chosen option, you can determine the opportunity cost.
| 3. Why is opportunity cost important in decision making? | |
Ans. Opportunity cost is essential in decision making as it helps individuals and businesses assess the true cost of their choices. By considering the value of the forgone alternatives, decision-makers can make more informed and rational decisions, maximizing their resources and minimizing potential losses.
| 4. Can opportunity cost be quantified? | |
Ans. While opportunity cost cannot be directly measured in monetary terms, it can be estimated or approximated. By comparing the potential benefits or profits of different options, decision-makers can assign a relative value to the forgone alternatives and make decisions based on this assessment.
| 5. How does opportunity cost affect resource allocation? | |
Ans. Opportunity cost plays a crucial role in resource allocation. When resources are limited, choosing one option means forgoing the benefits or profits associated with other options. By considering the opportunity cost, decision-makers can allocate resources more efficiently and prioritize options that offer the highest value or benefits.
About this Video
|
1.8K Views |
|
4.79/5 Rating |
|
Nov 22, 2024 Last updated |
Video Description: Example: Opportunity Cost for SSC CGL 2024 is part of SSC CGL Tier 2 - Study Material, Online Tests, Previous Year preparation.
The notes and questions for Example: Opportunity Cost have been prepared according to the SSC CGL exam syllabus.
Information about Example: Opportunity Cost covers all important topics for SSC CGL 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Example: Opportunity Cost.
Introduction of Example: Opportunity Cost in English is available as part of our SSC CGL Tier 2 - Study Material, Online Tests, Previous Year for SSC CGL & Example: Opportunity Cost in
Hindi for SSC CGL Tier 2 - Study Material, Online Tests, Previous Year course. Download more important topics related with notes, lectures and mock test series for
SSC CGL Exam by signing up for free.
Description
Video Lecture & Questions for Example: Opportunity Cost Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year - SSC CGL full syllabus preparation | Free video for SSC CGL exam to prepare for SSC CGL Tier 2 - Study Material, Online Tests, Previous Year.
Information about Example: Opportunity Cost
Here you can find the meaning of Example: Opportunity Cost defined & explained in the simplest way possible.
Besides explaining types of Example: Opportunity Cost theory, EduRev gives you an ample number of questions to practice Example: Opportunity Cost tests,
examples and also practice SSC CGL tests.
|
1365 videos|1312 docs|1010 tests
|
|
Explore Courses for SSC CGL exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Online Tests
,Semester Notes
,video lectures
,past year papers
,Free
,Previous Year Questions with Solutions
,Previous Year
,practice quizzes
,Summary
,Online Tests
,Viva Questions
,ppt
,Objective type Questions
,Example: Opportunity Cost Video Lecture | SSC CGL Tier 2 - Study Material
,MCQs
,Sample Paper
,study material
,Extra Questions
,Example: Opportunity Cost Video Lecture | SSC CGL Tier 2 - Study Material
,Previous Year
,Previous Year
,Example: Opportunity Cost Video Lecture | SSC CGL Tier 2 - Study Material
,shortcuts and tricks
,mock tests for examination
,Exam
,Online Tests
,Important questions
;
Study Example: Opportunity Cost on the App
Students of SSC CGL can study Example: Opportunity Cost alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Example: Opportunity Cost,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Example: Opportunity Cost is prepared as per the latest SSC CGL syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup