Answer:
Ever found yourself looking back with hindsight and wondering why you progressed with one opportunity instead of another? There is a good chance that at the time of making your decision, the Opportunity Cost of the seemingly less attractive opportunity was not fully assessed. When we don’t fully know the value of what we’re giving up in order to progress a particular course of action, we can’t make a truly informed choice. Understanding the principles of Opportunity Cost is essential for making smart business decisions. What is Opportunity Cost?Opportunity Cost is a macroeconomic term that relates to scarcity of resources. Scarcity of resources – be that time or money – means that we have to make decisions about how we use what we have. Because we have to choose, we can only have the benefits of one option, and have to forego the benefits of the other. The benefits of the foregone option are the Opportunity Cost. Or as Bizfinance.com says:“Opportunity cost is the cost of a foregone alternative. If you chose one alternative over another, then the cost of choosing that alternative is an opportunity cost. Opportunity cost is the benefits you lose by choosing one alternative over another one.” Sushi or sandwich for lunch? Sushi. So, the sandwich becomes the Opportunity Cost. Opportunity Cost in BusinessWe make plenty of choices in a business day that all have an associated Opportunity Cost. On a small scale, it might be how you choose to use the next two hours – to do a proposal for a client, or get the invoices out? One or the other. The benefits of getting the proposal to the client, or the benefits of getting the invoices out? Each time we weigh up the resources available and what to do with them, there is an Opportunity Cost of not pursuing one option.Where the principle of Opportunity Cost is of greatest value for a business is in deciding which business opportunities to pursue. For these decisions, auto-pilot absolutely has to be switched-off. It is all too easy and common to unwittingly make decisions based on preconceptions. One option seems better from the outset, and this preconception then leads to an inaccurate assessment of the alternatives.How to assess Opportunity CostWhen assessing Opportunity Cost, it’s important to keep these three things in mind: (1) to make an informed economic decision, the value of an opportunity needs to be assessed based on both the benefits and the costs associated; (2) broader benefits should be assessed as well as the monetary benefits; and (3) each option needs to be assessed based on the same criteria (i.e. don’t just assess the preferred option in isolation).For example, a construction business has two opportunities on the table. Building Contract 1 has a job value of $200,000, which would require 2000 resource hours.
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Answer:
Correct answer is departure of 32,000 troops from Britain
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Explanation:
Transport of Fort Ticonderoga cannons
, as these cannons that were later used during the siege of Boston were transported between<u> November of 1775 and January of 1776.</u>
Departure of 32,000 troops from Britain is correct as this were the troops that came in the summer of 1776, led mostly by admiral Howe.
British victory at the Battle of Bunker Hill is not the correct as this was the first large battle of the war that happened in June of 1775.
Publication of Common sense is not the correct answer as Thomas Paine published it on <u>January 10, 1776. </u>
As we know Declaration was published on July, 4th of 1776.
Answer:
6234
Explanation:
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Answer:
The Agricultural Adjustment Act (AAA) was a federal law passed in 1933 as part of U.S. president
Explanation:
The Agricultural Adjustment Act (AAA) was a federal law passed in 1933 as part of U.S. president Franklin D. Roosevelt's New Deal. The law offered farmers subsidies in exchange for limiting their production of certain crops. The subsidies were meant to limit overproduction so that crop prices could increase
