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The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen". As a representation of the relationship between scarcity and choice, [ 2 ] the objective of opportunity cost is to ensure efficient use of scarce resources. [ 3 ]
Opportunism is regarded as unhealthy, as a disorder or as a character deficiency, if selfishly pursuing an opportunity is blatantly anti-social (involves disregard for the needs, wishes and interests of others). However, behavior can also be regarded as "opportunist" by scholars without any particular moral evaluation being made or implied ...
[6] However, its use likely gained momentum in the United States after John F. Kennedy employed this trope in presidential campaign speeches in 1959 and 1960, possibly paraphrasing Mumford: [2] "In the Chinese language, the word "crisis" is composed of two characters, one representing danger and the other, opportunity." [7] [8] [9] [10]
Opportunity, Montana, an unincorporated community, United States Opportunity, Nebraska , an unincorporated community, United States Opportunity, Washington , a former census-designated place, United States
With tongue-in-cheek, American speculative fiction writer Neal Stephenson places the invention of BATNA in 17th century by putting the following words in his novel The Confusion: "“I learnt it from English traders in Surat,” said the befuddled Surendranath, “It stands for Best Alternative To a Negotiated Agreement.”" Another character ...
Given a number of competing investment opportunities, investors are expected to put their capital to work in order to maximize the return. In other words, the cost of capital is the rate of return that capital could be expected to earn in the best alternative investment of equivalent risk; this is the opportunity cost of capital. If a project ...
Economic rent is also independent of opportunity cost, unlike economic profit, where opportunity cost is an essential component. Economic rent is viewed as unearned revenue [ 3 ] while economic profit is a narrower term describing surplus income earned by choosing between risk-adjusted alternatives.
The ancient Greek philosophers Plato and Aristotle debated economic equality. Painting by Raffaello Sanzio (1509). According to professor of politics Ed Rooksby, the concept of equality of outcome is an important one in disputes between different political positions, since equality has overall been seen as positive and an important concept that is "deeply embedded in the fabric of modern ...