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Opportunity Seized, Opportunity Missed, engraving by Theodoor Galle, 1605. Opportunism is the practice of taking advantage of circumstances — with little regard for principles or with what the consequences are for others. Opportunist actions are expedient actions guided primarily by self-interested motives. The term can be applied to ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
In economics, an implicit cost, also called an imputed cost, implied cost, or notional cost, is the opportunity cost equal to what a firm must give up in order to use a factor of production for which it already owns and thus does not pay rent. It is the opposite of an explicit cost, which is borne directly. [1]
FOBO – meaning Fear of Better Options – was coined by American venture capitalist and author Patrick James McGinnis while he was a student at Harvard Business School. [51] McGinnis describes FOBO as a byproduct of a hyper-busy, hyper-connected world in which everything seems possible, and, as a result, you are spoiled for choice. [51]
Kairos (Ancient Greek: καιρός) is an ancient Greek word meaning 'the right or critical moment'. [1] In modern Greek, kairos also means 'weather' or 'time'. It is one of two words that the ancient Greeks had for 'time'; the other being chronos (χρόνος).
Antiphrasis is the rhetorical device of saying the opposite of what is actually meant in such a way that it is obvious what the true intention is. [1] Some authors treat and use antiphrasis just as irony, euphemism or litotes. [2] When the antiphrasal use is very common, the word can become an auto-antonym, [3] having opposite meanings ...
The opposite of scarcity is abundance. Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself". [3] "The best example is perhaps Walras' definition of social wealth, i.e., economic goods. [3] 'By social wealth', says Walras, 'I mean all things, material or immaterial (it does not matter ...
In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. [2] A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service, or experience, rather than others that could be made or obtained using the same required resources.