Quick Answer: What Is A Synonym For Opportunity Cost?

What is the English meaning of opportunity?

an appropriate or favorable time or occasion: Their meeting afforded an opportunity to exchange views.

a situation or condition favorable for attainment of a goal.

a good position, chance, or prospect, as for advancement or success..

What are the three examples of opportunity cost?

Opportunity Cost ExamplesSomeone gives up going to see a movie to study for a test in order to get a good grade. … At the ice cream parlor, you have to choose between rocky road and strawberry. … A player attends baseball training to be a better player instead of taking a vacation. … Jill decides to take the bus to work instead of driving.More items…

What is included in opportunity cost?

Summary: The opportunity cost of any decision is what is given up as a result of that decision. Opportunity cost includes both explicit costs and implicit costs. The firm’s economic profits are calculated using opportunity costs. Accounting profits are calculated using only explicit costs.

What is opportunity cost simple words?

Opportunity cost is the value of the next best thing you give up whenever you make a decision. It is “the loss of potential gain from other alternatives when one alternative is chosen”. … For example, opportunity cost is how much leisure time we give up to work.

Can opportunity costs be negative give an example?

Applying the same concept to opportunity cost explains the question of “can opportunity cost be negative?” As decision makers, any action that leads to negative utility is never considered. If it is not considered it cannot be foregone and thus cannot be measured as an opportunity cost.

How do you describe an opportunity?

Here are some adjectives for opportunity: absolutely unmolested, unexpected but marvelous, off-base equal, unbelievably golden, decorous and appropriate, consequently inexhaustible, unique and agreeable, continuously wider, earliest favorable, extremely suitable, ready-made and natural, perfect, risk-free, exhilarating …

What is a good synonym for opportunity?

opportunityevent.freedom.moment.time.fortuity.juncture.probability.shot.

What is opportunity cost in this scenario?

The opportunity cost in this scenario is the three lost opportunities Harry experiences by deciding to go to his parents house. The term opportunity cost refers to the loss of potential gain from other alternatives when one alternative is chosen.

What is opportunity cost kid definition?

Opportunity cost is the value of the next best thing you give up whenever you make a decision. It is “the loss of potential gain from other alternatives when one alternative is chosen”. … The utility has to be more than the opportunity cost for it to be a good choice in economics.

What is the opportunity cost of a particular product?

— In the words of Left witch, “Opportunity cost of a particular product is the value of the foregone alternative products that resources used in its production, could have produced.” Opportunity cost is not what you choose when you make a choice —it is what you did not choose in making a choice.

What is the opposite of opportunity cost?

Simply stated, an opportunity cost is the cost of a missed opportunity. It is the opposite of the benefit that would have been gained had an action, not taken, been taken—the missed opportunity. This is a concept used in economics.

What is the meaning of opportunity cost?

What Is Opportunity Cost? Opportunity costs represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. … Understanding the potential missed opportunities foregone by choosing one investment over another allows for better decision-making.

Why is opportunity cost important?

Opportunity Cost helps a manufacturer to determine whether to produce or not. He can assess the economic benefit of going for a production activity by comparing it with the option of not producing at all. He may invest the same amount of money, time, and resources in another business or Opportunity.

What is the opposite of opportunity?

In business management context, the antonym of ‘opportunity’ is ‘threat’. … However, in day-to-day context, we could take ‘adversity’ as antonym for ‘opportunity’. ‘Adversity’ here meaning an unfavorable condition/circumstance, whereas ‘opportunity’ meaning favorable condition/circumstance.

What is the word for taking advantage of an opportunity?

“The unscrupulous magnate was known to take advantage of laborers desperate for work without a second thought.” “You can only take advantage of this special offer if you decide to buy now.”…What is another word for take advantage of?exploitabusebenefitprofittake advantagetake for grantedmake the most ofterroriseUKturn to accounttake liberties with68 more rows

What is another term for opportunity cost?

From Wikipedia, the free encyclopedia. In microeconomic theory, opportunity cost, or alternative cost, is the loss of potential gain from other alternatives when one particular alternative is chosen over the others.

What is an example of a opportunity cost?

When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can’t spend the money on something else.

What is the meaning of lack of opportunity?

1 an insufficiency, shortage, or absence of something required or desired. 2 something that is required but is absent or in short supply.