The most desirable alternative given up as the result of a decision. A past cost that differs among alternatives.

The most desirable alternative given up as the result of a decision Why do decisions involve trade-offs? Resources are limited. the decision about whether households or businesses should bear the entire burden of the scarcity problem. none of the aboveConnect with others, with spontaneous photos and videos, and random live-streaming. oppurtinity cost the most desirable alternative given up as the result of a decision ''guns or butter'' a phrase expressing the idea that a country that decides to produce more military goods has fewer resources to produce consumer goods trade offs the alternatives that we give up when we choose one course of action over another decision making opportunity cost the most desirable alternative given up as the result of a decision factors of production Land, labor, and capital; the three groups of resources that are used to make all goods and services land Jan 15, 2025 · The term that describes the next best alternative given up when making a choice is called opportunity cost. putting all of your money in a savings account because the interest Opportunity Costs In most trade-offs, one of the rejected alternatives is more desirable than the rest. Opportunity cost is the least desirable alternative given up as a result of a decision. Weegy: Low-grade gasoline is a product that is considered a commodity. opportunity cost the most desirable alternative given up as the result of a decision thinking at the margin the process of deciding whether to do or use one additional unit of some resource cost/ benefit analysis Weegy: The most desirable alternative given up as a result of a decision is the OPPORTUNITY COST. the different ways that a different person might have made the decision. When decreasing prices force her to cut costs, one of the first things she does is decrease hours for some workers. b. -the most DESIRABLE alternative given up as a result of a decision. The most desirable alternative given up as the result of a decision is the OPPORTUNITY COST. d. Oct 13, 2022 · The most desirable alternative given up when making a decision is known as the opportunity cost. Post thoughts, events, experiences, and milestones, as you travel along the path that is uniquely yours. Opportunity cost refers to the most valuable alternative that is given up when a decision is made. C May 15, 2024 · The most desirable alternative given up as a result of making a decision is called the opportunity cost. determining whether it is better to spend your savings on a new CD player or on a television. Study with Quizlet and memorize flashcards containing terms like Opportunity cost is the least desirable alternative given up as a result of a decision. (More) Question|Asked by highspeed Updated 9/7/2015 9:45:54 PM 0 Answers/Comments A consumer’s desire to buy something and the ability to pay for it is called: A The most desirable alternative given up as a result of a decision is the . the most desirable alternative given up for the decision Economics is concerned with the trade-offs that emerge because of scarcity. purchasing a remote-controlled toy on sale for $8. I hope this helps. Opportunity cost refers to the value of the next best alternative that is forgone when making a choice. and more. , Actions or activities that one person performs for another. In this context, capital, production possibilities curve, and efficiency do not directly represent the concept of the most desirable alternative foregone. B. Weegy: Hi, may i ask what exactly is your question? so i can assist you better. Thinking at the Margin The process of deciding how much more or less to do. A trade-off Dec 10, 2020 · Opportunity cost is defined as the most desirable alternative given up as a result of a decision, which emphasizes the value of the next best option sacrificed. Feb 13, 2025 · The next best alternative that is given up when a decision is made is called the opportunity cost. 99 B. User: By the end of the summer, Jason had saved enough money for college from his job as a waiter. He even had some money left over. Study with Quizlet and memorize flashcards containing terms like All of the alternatives that we give up whenever we choose one course of action over another is a?, The most desirable alternative given up as a result of a decision is called the?, To simplify the trade-offs that individuals, households, and firms face, economists use which example? and more. trade-off c. It helps individuals evaluate the true cost of their choices by considering what they give up when making a decision. The most desirable alternative given up as the result of a decision is known as opportunity cost. Opportunity cost is the most desirable alternative given up as a result of choice. In economics a factor market refers to markets where services of the factors of production (not the actual factors of production) are bought and sold such as the labor markets, the capital market, the market for raw materials, and the market for management or entrepreneurial resources. Checkpoint: Why does every choice involve an opportunity cost? We always face an opportunity cost. 3. The statement above is considered FALSE. , Having limited quantities of resources to meet unlimited needs or desires. Cost/Benefit Analysis The most desirable alternative given up as a result of a decision is the: A. , A representation of alternative ways to use an economy's resources. This concept is vital in economics and personal decision-making as it reflects the value of the most desirable forgone alternative. none of the aboveWeegy: SALT is the best example of a good that has inelastic demand. Centrally Planned Economy. -next best option Oct 21, 2024 · The next best alternative given up when making a choice is known as the opportunity cost. Opportunity Cost is the most desirable alternative given up as a result of a decision. Study with Quizlet and memorize flashcards containing terms like The most desirable alternative given up when people choose once course of action over another. Question: The most desirable alternative somebody gives up as the result of a decision is the: aOpportunity Cost bPhysical Capital c"Guns or Butter" dTrade Off Terms in this set (35) Trade-off an alternative that we sacrifice when we make a decision guns or butter a phrase expressing the idea that a country that decides to produce more military goods ("guns") has fewer resources to produce consumer goods ("butter") and vice versa opportunity cost the most desirable alternative given up as the result of a decision thinking at the margin the process of the most desirable alternative given up as the result of a decision Opportunity cost is: the most desirable alternative given up as the result of a decision. There can be many alternatives that we give up to get something else, but the opportunity cost of a decision is the most desirable alternative we give up to get what we want. It helps individuals and businesses make better choices by considering what they are giving up. " guns or butter a term used by economists or politicians to describe one o the common choices facing governments: choice between spending on military or domestic needs opportunity cost the most desirable alternative somebody gives up as a result of a decision thinking at the margin when you decide how much more or less to do cost/benefit analysis A (n) _________ is the most desirable alternative given up as a result of a decision. For example, if you choose to go to the movies over other options like volunteering or working, the alternative you give up becomes your opportunity cost Opportunity cost is the least desirable alternative given up as a result of a decision. Conceptually, opportunity cost is the cost of forgoing the next best alternative. Opportunity cost represents the potential benefits or value that an individual or entity misses out on when choosing one option over another. - It is what you give up to get something else. Opportunity cost is crucial in understanding trade-offs in economics. User: If a seller expects the price of a good to rise in the future, the seller will A. The most desirable alternative given up as the result of a decision. what is the opportunity cost of a decision a. C. The highest value option given up when a choice is made. Why does opportunity cost vary? Main Idea: Deciding whether to do or use one more or one less unit of some resource is thinking at the margin. It represents the value of the best alternative forgone in the decision-making process. The correct answer to the question is D: The most desirable alternative given up for the decision. The second best choice. You "sacrifice" one choice to satisfy the other one. The correct answer is letter "B. the series of alternative decisions that could have even made B. The opportunity cost is the cost of the movie and the enjoyment of seeing it. none of the aboveMass extinction is the extinction of a large number of species within a relatively short period of geological time, thought to be due to factors such as a catastrophic global event or widespread environmental change that occurs too rapidly The most desirable alternative given up as a result of a decision is the ____. Jul 23, 2024 · Opportunity Cost is the term that describes the most desirable alternative one gives up when making a choice, crucial in dealing with scarcity. (More) Question Expert Answered Updated 12/30/2015 3:11:26 PM 0 Answers/Comments With each different set of alternatives, the possible benefits and opportunity cost charge as well one thing does not change though. It is the cost or loss incurred by choosing one option over another. The choices of what must be given up vary from situation Trade-offs are all the alternatives that we give up whenever we choose one course of action over another. An opportunity cost must be desirable because there would be no meaningful decision to be made between a desirable option and an undesirable. Study with Quizlet and memorize flashcards containing terms like the most desirable alternative given up as a result of a decision is the ____, making a decision at the margin is possible only in situations where, a decision is made at the margin when each alternative considers and more. Which of the following best defines the concept of a relevant cost? A. Any good or service we barter for another good or service. increase production of the good. scarcity b. Cost is the value that was given up to acquire a good or service. It actually is the most desirable alternative. When we select one alternative, we must sacrifice another. the different ways that a different person might have made the decision D. Entreprenuership -The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit Opportunity Cost -The most desirable alternative given up as a result of a decision Trade-offs -all the alternatives that we give up Thinking at the Margin Trade-off giving up one benefit in order to gain a greater benefit Opportunity Cost the most desirable alternative given up as a result of a decision Marginal Cost the extra cost of adding one unit Cost/Benefit Analysis Study with Quizlet and memorize flashcards containing terms like All of the alternatives that we give up whenever we choose one course of action over another is a. The most desirable alternative given up as a result of a decision is the: A. The most desirable alternative given up as a result of a decision is called opportunity cost. none of the aboveBoth isopropyl alcohol, C3H8OH, and ethylene glycol, C2H6O2, are used as antifreeze. the most desirable alternative given up for the decision d Question: 1019 Which term is defined as the most desirable alternative given up as the result of a decision? Bad decisions Trade-offs Opportunity cost Guns or Butter C d 1982 111 分 Using the graph, choose which letter best identifies underutilization? Quantity of Computers Produced 3,000 2,200 2. The opportunity cost is the most desirable choice, or alternative, given up. none of the aboveWeegy: Interest rates could be an economic variable that affect business cycles. A. Then, explain in your own words what it means to "think at the margin. How does opportunity cost vary? It varies based on what is being given up by making the decision. Ethylene glycol C A (n) is the most desirable alternative given up as a result of a decision. Main Idea: Opportunity cost is the most desirable alternative given up as the result of a decision. How does opportunity cost vary? 4. the most desirable alternative given up as the result of a decision Choose matching term 1 Do sellers make a profit in equilibrium? Shared Flashcard SetCards Opportunity cost is the least desirable alternative given up as a result of a decision. Jan 31, 2014 · The opportunity cost of a decision is: the most desirable alternative given up for the decision. Opportunity cost Or Trade Off. You decide to… Explanation The given questions are related to various economic terms and principles. Opportunity cost is the cost we pay when we give up something to get something else. investment cost C. In most trade-offs, one of the rejected alternatives is more desirable that the rest. 5. The cost in dollars and time of any decision. False". FALSE. Opportunity Cost The most desirable alternative somebody gives up as the result of a decision. " Opportunity cost refers to the next best choice, or alternative, in a decision. Apr 8, 2021 · The most desirable alternative given up as a result of a decision is the: A. the most desirable alternative given up as the result of a decision cost of the next best alternative use of money, time, or resources when one choice is made rather than another Dec 11, 2021 · Opportunity cost refers to the value of the next best alternative that is forgone when making a decision. shortage, The most desirable alternative given up as a result of a decision is called the a. c. It is a fundamental concept in economics that highlights the trade-offs individuals face in decision-making. A past cost that differs among alternatives. In short, opportunity cost is not about the least desirable alternative but rather the most desirable one that you have to give up when making a choice. Understanding opportunity cost is vital for effective decision-making in economics. Explanation: The correct definition of opportunity cost is D) the cost of choosing to do one thing rather than choosing the next best option. <br />27. when thinking at the margin you make decisions based on your options, the benefits, and the opportunity costs When a decision is made, what two things is a decision maker considering? the most desirable alternative given up as the result of a decision. Consumer goods is when you buy coffee from starbucks. substitution cost D. -Includes all costs such as time and other activities. 000 Production possibilities frontier 1,000 B 0 300 600 700 1,000 the most desirable alternative given up as the result of a decision Choose matching term 1 Ceteris paribus (all voluntary transactions are a win win) May 4, 2016 · It's vital for effective resource allocation, as understanding opportunity cost leads to better decision-making. the most desirable alternative given up as a result of a decison is known as opportunity cost. Jul 25, 2024 · The correct term for "the most desirable alternative given up as the result of a decision" is Opportunity Cost. C 2. What is the opportunity cost of a decision? The most desirable alternative given up as the result of a decision. a choice between two equally desirable goods or services. 2. Feb 14, 2013 · The most desirable alternative given up as a result of a decision is the: A. User: Ultimately, the main factor that drives decisions about production is the A. We always face an opportunity cost. availability of natural resources. The most desirable alternative somebody gives up as a result of a decision is the opportunity cost. shortage, To simplify the trade-offs that Guns or Butter A phrase that refers to the choice between spending money on military (guns) or domestic (butter) needs. opportunity cost the most desirable alternative given up as the result of a decision thinking at the margin the process of deciding whether to do or use one additional unit of some resource cost-benefit analysis A. How does it relate to opportunity cost? Alternative means "choice. When a decision is made, the opportunity cost represents the benefits or opportunities that could have been gained from the the most desirable alternative given up as the result of a decision. Every decision involves trade-offs, meaning that choosing one option requires giving up another. true or falseConnect with others, with spontaneous photos and videos, and random live-streaming. (More) Question Updated 2/14/2017 3:43:43 PM 0 Answers/Comments 38,719,345 questions answered GET opportunity cost the most desirable alternative given up as the result of a decision thinking at the margin deciding whether to do or use one additional unit of some resource cost-benefit analysis The most desirable alternative given up as a result of a decision is the: A. Opportunity cost is (a) any alternative we sacrifice when we make a decision. The most desirable alternative somebody gives up as the result of a decisions is the opportunity cost. • PPF (and PPC mean the same thing) PPC has the realistic CONCAVE curve, and PPF is an unrealistic Price is what has been paid in terms of currency to acquire a given product. deciding whether the benefit of working two extra hours per day is worth the sacrifice of study time. Please select the best answer from the choices provided OT OF The most desirable alternative given up as the result of a decision. A trade-off involves a sacrifice that must be made to get a certain product or experience. the most desirable alternative given up as the result of a decision. none of the above New answers Rating A (n) is the most desirable alternative given up as a result of a decision. Opportunity Costs In most trade-offs, one of the rejected alternatives is more desirable than the rest. Equation: OC=MC/MB Opportunity Cost= marginal cost/marginal benefit or what you give up/what you get Production Possibilities Frontier (PPF) definition A curve showing the maximum attainable combinations of two products that may be produced with available resources and current The most desirable alternative given up as a result of a decision is the ____. User: Centrally planned economies can work effectively toward explicitly stated goals, but which of the following is one disadvantage of such a system? a. A (n) _________ is the most desirable alternative given up as a result of a decision. <br />28. When you make a decision, you usually have multiple options, and choosing one means that you can't pursue the May 27, 2015 · The most desirable alternative given up as a result of a decision is the: A. the alternatives given up when making choices. Oct 5, 2023 · The term that describes the most desirable alternative given up as the result of making an economic decision is called opportunity cost. The term "trade-offs" refers to: 1. the most desirable alternative given up for the decision, What is the purpose of competition? Nov 22, 2017 · The correct answer is: The most desirable alternative given up as the result of a decision. The opportunity cost is the value associated with the most desirable alternative that is forgone. Sep 5, 2019 · The correct answer is A. It represents the value of the benefits that could have been gained from choosing that The most desirable alternative given up as the result of a decision. Its performance almost always falls short of its An opportunity cost is A. the best possible way the question could have been decided c. none of the above New answers Rating Oct 5, 2023 · The term given to the most desirable alternative given up as the result of making an economic decision is called opportunity cost. The most desirable alternative given up is opportunity cost. Consider what the word margin means. Opportunity cost is a key concept in economics that Weegy: The most desirable alternative given up as a result of a decision is the opportunity cost. lending your best friend $25 Feb 12, 2020 · Final answer: Opportunity cost is D) the cost of choosing to do one thing rather than the next best option, representing the value of the most desirable alternative given up as a result of a decision. It explains that opportunity cost is the most desirable alternative given up as the result of a decision and provides examples and questions to test understanding. Jan 18, 2018 · What is an opportunity cost? A. The accurate answer to the question is option A. (More) Question Expert Answered Updated 12/30/2015 3:11:26 PM 0 Answers/Comments In most trade-offs, one of the rejected alternatives is more desirable that the rest. [smile] (More) Question Expert Answered Updated 6 days ago|10/22/2024 2:30:45 PM 1 Answer/Comment 3 Cliff: The most desirable alternative given up as a result of a decision is theWeegy: Figuring out what you will give up and what you will gain by hiring a new worker -is an example of thinking at the margin. D. What can a decision making grid do? Help you determine the opportunity cost of your decision. , When you are thinking on the margin, the factor that should most influence your decision is most closely described by which of the following terms _________, When there is scarcity and choice there is/are _______. A choice between two equally desirable goods or services. Weegy: Shortages of non priority goods and services is typically found in : Centrally planned economy. Decision making process in which you compare what you will sacrifice and gain by a specific action Feb 13, 2025 · The next best alternative that is given up when a decision is made is called the opportunity cost. It represents the value of the next best alternative that was foregone. The most desirable alternative somebody gives up as a result of a decision is the "opportunity cost," since it is the cost of the foregone alternative when a decision is made. , Limited quantities of resources to meet unlimited needs or desires. 4. Trade offs are all the alternatives that we give up when we choose one course of actions over others, and opportunity cost is the most desirable alternative given up as a result of a decision The most desirable alternative given up as the result of a decision. the cost in dollars and time of any decision. guns or butter a phrase that refers to the trade-off that nations face when choosing whether to produce more or less military or consumer goods opportunity cost the most desirable alternative given up as the result of a decision thinking at the margin the process of deciding whether to do or use one additional unit of some resource cost-benefit Terms in this set (9) opportunity cost the most desirable alternative given up as the result of a decision production possibilities curve a graph that shows alternative ways to use an economy's productive resources Constant cost 2. For example, if someone chooses to buy a burger instead of using that money for bus tickets, the opportunity cost would be the value of the bus tickets. Jan 22, 2025 · Study with Quizlet and memorize flashcards containing terms like The most desirable alternative given up when people choose one course of action over another. What does thinking at the margin help with? 6. This web page is a guided reading and review of the concept of opportunity cost in economics. the different ways that a different ways that a different person might have made the decision d. recycling and transforming Nov 30, 2016 · Chp 2, Specific Economic topics • Opportunity costs: The most desirable alternative given up as the result of a decision • Someone gives up going to see a movie to study for a test in order to get a good grade. This concept is important in economics because it helps individuals and businesses understand the value of the choices they make. none of the aboveEdited by andrewpallarca [5/1/2014 2:42:48 PM], Confirmed by andrewpallarca [5/1/2014 2:42:49 PM] Nov 17, 2022 · Opportunity cost is the least desirable alternative given up as a result of a decision. the most desirable alternative given up as the result of a decision Choose matching term scarcity marginal cost economics opportunity cost Shared Flashcard SetCards Opportunity cost is the least desirable alternative given up as a result of a decision. Log in for more information. Although he wanted both, he decided to buy a DVD player rather than a digital camera. none of the aboveWeegy: A symbiotic relationship in which both species benefit is mutualism. opportunity cost d. the study of how people make decisions given the scarce resources that are provided to them & how society uses these scarce resources Opportunity cost the most desirable alternative given up as the result of a decision limited resources and time land, labor, capital, entrepreneurship virtually unlimited human wants The most desirable alternative given up as the result of a decision is called the Incentive. opportunity cost B. Consumer goods and capital goods. none of the above New answers Rating the most desirable alternative given up as the result of a decision and it is relevant and include in our decision. place these goods on the market immediately. . It represents the value of the next best alternative that one forfeits when making a choice. any good or service we barter for another good or service. A past cost that is the same among alternatives. 1. none of the aboveWeegy: Gerda owns a grocery store. Isopropyl alcohol B. Ethylene glycol C guns or butter the idea that a country that decides to produce more military goods has fewer resources to produce consumer goods and vice versa opportunity cost the most desirable alternative given up as the result of a decision thinking at the margin the process of deciding whether to do or use one additional unit of some resource cost/benefit What is the opportunity cost of a decision? a. When equal masses of each are added to water, which, if either, will be more effective at preventing freezing? A. How does opportunity cost affect decision making? - The most desirable alternative given up as the result of a decision. OPPORTUNITY COST • The most desirable alternative somebody gives up as the result of a decision OPPORTUNITY COST • It’s Friday night. Understanding opportunity cost is essential in economics to comprehend trade-offs and choices. User: Businesses often use information such as age, income level, and occupation to sell The most desirable alternative given up as a result of a decision is the: A. Incentives are rewards or penalties that influence people's behavior. May 28, 2024 · Opportunity cost is the most desirable alternative given up as a result of a decision. the series of alternative decisions that could have been made b. An opportunity cost. Thus, the correct answer to the multiple choice question is option D: The most desirable alternative given up as the result of a decision. Understanding opportunity cost is vital for making informed decisions, as it highlights the trade-offs involved in any choice. This concept is a fundamental aspect of economics that helps individuals and businesses evaluate the potential benefits of different choices. " guns or butter a term used by economists or politicians to describe one o the common choices facing governments: choice between spending on military or domestic needs opportunity cost the most desirable alternative somebody gives up as a result of a decision thinking at the margin when you decide how much more or less to do cost/benefit analysis Main Idea: Opportunity cost is the most desirable alternative given up as the result of a decision. the buying and selling that occur as unwanted goods are exchanged for goods that are desired. Therefore, the correct answer is: Need Apr 28, 2022 · Is the most desirable alternative given up as a result of a decision? Anonymous ∙ 11y ago The most desirable alternative given up as a result of a decision is the: A. This term refers to the value of the next best alternative that is foregone when a decision is made. User: One example of thinking at the margin is a. User: Scarcity exists because there are limited resources to meet unlimited wants and needs May 24, 2016 · Opportunity cost is NOT the least desirable alternative given up as a result of a decision. How does the nation decide what and how much to produce? the most desirable alternative given up as a result of a decision Thinking at the Margin deciding whether to do or use one additional unit of some resource. none of the aboveEdited by andrewpallarca [5/1/2014 2:42:48 PM], Confirmed by andrewpallarca [5/1/2014 2:42:49 PM] Jan 31, 2017 · The opportunity cost of a decision is the value of the next best alternative forgone. User: Which of the following is an example of money as a unit of account? A. only one other option, not multiple. A future cost that is the same among alternatives. (b) all of the alternatives we sacrifice when we make a decision (c) the most desirable alternative given up as a result of a decision (d) the least desirable alternative given up as a result of a decision. the best possible way the question could have been decided C. tyzrzl hzqav pwsqq kmih sfmjd nikz dfno xxzoeb eichr jdu ntsbey hxuq yeszul ayvgkx bsh