Home > Terms > Armenian (HY) > այլընտրանքային արժեք

այլընտրանքային արժեք

The true cost of something is what you give up to get it. This includes not only the money spent in buying (or doing) the something, but also the economic benefits (utility) that you did without because you bought (or did) that particular something and thus can no longer buy (or do) something else. For example, the opportunity cost of choosing to train as a lawyer is not merely the tuition fees, price of books, and so on, but also the fact that you are no longer able to spend your time holding down a salaried job or developing your skills as a footballer. These lost opportunities may represent a significant loss of utility. Going for a walk may appear to cost nothing, until you consider the opportunity forgone to use that time earning money. Everything you do has an opportunity cost (see shadow price). Economics is primarily about the efficient use of scarce resources, and the notion of opportunity cost plays a crucial part in ensuring that resources are indeed being used efficiently.

0
Hozzáadás a Szójegyzékemhez

Mit szeretne mondani?

Hozzászólás közzétételéhez be kell jelentkeznie.

Terms in the News

Featured Terms

Thuy Do
  • 0

    Terms

  • 0

    Szójegyzékek

  • 0

    Követő

Ipar/Tárgykör: Zoology Kategória: Zoological terms

phylum placozoa

Macroscopic, flattened marine animals, composed of ventral and dorsal epithelial layers enclosing ...

Thuy Do
  • 0

    Terms

  • 0

    Szójegyzékek

  • 0

    Követő

Ipar/Tárgykör: Zoology Kategória: Zoological terms

phylum cnidaria

Cnidarians. Hydras, hydroids, jellyfish, sea anemones, and corals. Free-swimming or sessile, with ...

qys1978
  • 0

    Terms

  • 1

    Szójegyzékek

  • 0

    Követő

Ipar/Tárgykör: Accounting Kategória: Auditing

share a term with millions

Share a term with millions of users around the world and increase your online visibility.Share a ...

Bob
  • 0

    Terms

  • 1

    Szójegyzékek

  • 5

    Követő

Ipar/Tárgykör: Plants Kategória: Trees

oak

Genus native to the Northern Hemisphere with spirally arranged leaves, catkins for flowers and ...

Bagar
  • 0

    Terms

  • 64

    Szójegyzékek

  • 6

    Követő

Ipar/Tárgykör: Geography Kategória: Geography

Everest

The last but not least mount Everest. The Earth's highest mountain, with a peak at 8,848 metres ...

David Parkin
  • 0

    Terms

  • 1

    Szójegyzékek

  • 36

    Követő

Ipar/Tárgykör: Plants Kategória: General plants

aglaonema

Genus of about 20 species of usually rhizomatous, evergreen perennials from tropical forest in Asia. ...

Aidan Teare
  • 0

    Terms

  • 0

    Szójegyzékek

  • 6

    Követő

Ipar/Tárgykör: Tudomány Kategória: General science

Robojelly

Robojelly is a hydrogen-powered robot desgined in the United States that moves through the water ...

  • 0

    Terms

  • 0

    Szójegyzékek

  • 1

    Követő

Ipar/Tárgykör: People Kategória: Entrepreneurs

Ferdinand Porsche

Ferdinand Porsche (3 September 1875 – 30 January 1951) was an Austrian-German automotive engineer ...

  • 0

    Terms

  • 40

    Szójegyzékek

  • 4

    Követő

Ipar/Tárgykör: Broadcasting & receiving Kategória: Hírek

Marzieh Afkham

Marzieh Afkham, who is the country’s first foreign ministry spokeswoman, will head a mission in east ...

  • 0

    Terms

  • 0

    Szójegyzékek

  • 1

    Követő

Ipar/Tárgykör: Accounting Kategória: Auditing

define1

Share a term with millions of users around the world and increase your online visibility.Share a ...

Featured blossaries

Philosophical Concepts

Kategória: Other   2 24 Terms

Carbon Nano Computer

Kategória: Technology   1 13 Terms