Two opportunities are presented to Alison: one offers a salary of $45,000 year and three weeks of vacation, while the other offers a salary of $54,000 and two weeks of vacation. If Alison accepts the $54,000 job offer, she will forfeit one week of vacation time.
The worth of what you forgo while deciding between two or more possibilities is known as opportunity cost. You make a choice because you believe it will benefit you more in the long run, despite any potential downsides. Due to opportunity cost, your investing decisions will almost always result in either immediate losses or future benefits.
The complete question is :
Alison is offered two jobs: one pays a salary of $45,000 per year and offers three weeks of vacation, while the other offer provides two weeks of vacation and a salary of $54,000. What is the opportunity cost for Alison if she chooses the job offer of $54,000
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secured loan is a loan in which the borrower pledges some asset as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.
