Search results
Results From The WOW.Com Content Network
Opportunity cost is the concept of ensuring efficient use of scarce resources, [25] a concept that is central to health economics. The massive increase in the need for intensive care has largely limited and exacerbated the department's ability to address routine health problems.
The concept of opportunity costs applies to making investing choices, too. There are thousands of stocks in the market, and thousands of bonds and mutual funds.
Opportunity cost is a basic microeconomics concept, maybe one you learned in a long-ago and hazily recollected 8 a.m. Econ 101 lecture. If you need a refresher, opportunity cost is the benefit you ...
In this context, the Austrian concept of opportunity cost claimed to ruin the British parametric concept of cost. The opportunity cost would be that which the purchaser would willingly forgo in agreeing to pay the cost of the option chosen. [citation needed] The most notable feature of the concept is that opportunity cost would only make sense ...
A good can be produced at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. [1] Comparative advantage describes the economic reality of the gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress. [2]
The generalization of the concept of rent to include opportunity cost has served to highlight the role of political barriers in creating and privatizing rents. For example, a person seeking to become a member of a medieval guild makes a huge investment in training and education, which has limited potential application outside of that guild. In ...
Alamy There are some economic terms most of us know and understand, such as supply and demand. And there are other terms we will probably never even run across, like implicit logrolling and a ...
A member of the French National Assembly, Bastiat developed the economic concept of opportunity cost and introduced the parable of the broken window. [2] He was described as "the most brilliant economic journalist who ever lived" by economic theorist Joseph Schumpeter. [3]