Which of the following sayings best reflects the concept of opportunity costs?
The saying "time is money" is the best reflection of the opportunity cost....
What is the opportunity cost of watching television?
The opportunity cost of watching television is: the alternative use of the time foregone by watching the program.
What are the concepts of opportunity cost?
The idea behind opportunity cost is that the cost of one item is the lost opportunity to do or consume something else; in short, opportunity cost is the value of the next best alternative.
What is the opportunity cost of an action?
The opportunity cost of any given action or decision is typically defined as the value of the forgone alternative action or decision. That is, opportunity cost is the loss of potential gain from other alternatives when one alternative is chosen.
Answer
The Opportunity costs refer to all the benefits that a person, investor or company misses out on when they deciding one alternative over another.
New questions in Business
Bonnie invested $8,000 in two accounts paying 5% and 6% annual interest. Her money earned a total of $445 in interest in one year. How much was invest …
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