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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 ...
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]
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.
An unpaired word is one that, according to the usual rules of the language, would appear to have a related word but does not. [1] Such words usually have a prefix or suffix that would imply that there is an antonym, with the prefix or suffix being absent or opposite.
Opportunity cost, as such, is an economic concept in economic theory which is used to maximise value through better decision-making. In accounting, collecting, processing, and reporting information on activities and events that occur within an organization is referred to as the accounting cycle.
The concept of diseconomies of scale is the opposite of economies of scale. It occurs when economies of scale become dysfunctional for a firm. [ 1 ] In business, diseconomies of scale [ 2 ] are the features that lead to an increase in average costs as a business grows beyond a certain size.
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 ...