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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 ...
A related but different everyday usage occurs in the sentence "He makes a lot of money." This refers to a variable that economists call income. Unlike the usages mentioned above, this one has the units "dollars, or another currency, per unit of time", where the unit of time might be a week, month, or year, making it a flow variable.
In the context of a PPF, opportunity cost is directly related to the shape of the curve (see below). If the shape of the PPF curve is a straight-line, the opportunity cost is constant as the production of different goods is changing. But, opportunity cost usually will vary depending on the start and end points.
The purpose of calculating economic profits (and thus, opportunity costs) is to aid in better business decision-making through the inclusion of opportunity costs. In this way, a business can evaluate whether its decision and the allocation of its resources is cost-effective or not and whether resources should be reallocated.
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Opportunity, a robotic rover on Mars; Business opportunity; Equal opportunity; Market opportunity; Means, motive, and opportunity, a popular cultural summation of the three aspects of a crime needed to convince a jury of guilt; Political opportunity; Window of opportunity
"We've been seeing a lot more crimes of opportunity arise. However, sports players getting targeted is only new in America. It's been happening in London, England," Cutrer said. "They know when ...
Listen and subscribe to Opening Bid on Apple Podcasts, Spotify, or wherever you find your favorite podcasts.. Studying the masters. It’s likely impossible to sit in the presence of great people ...