Lisa has been working a full-time job and then working on her business in the evening. She makes $6,000 per month at her full-time job. The income should Lisa be making from her business before quitting her full-time job will be $1800 as opportunity cost is the cost that refers to the value of what you have to give up in order to choose something else.
The opportunity cost is time spent studying and that money to spend on something else. A farmer chooses to plant wheat; the possibility fee is planting a distinct crop, or an trade use of the sources (land and farm device). A commuter takes the educate to paintings in desire to using.
possibility value refers to what you want to give up to buy what you want in phrases of various items or services. at the same time as economists use the word “price,” we normally propose opportunity cost. The phrase “fee” is typically utilized in daily speech or inside the information.
The definition of opportunity cost is the capability gain misplaced with the aid of the use of the choice to take a one of a kind direction of movement whilst considering a couple of investments or avenues of company.
possibility price is the advantage you forego in deciding on one course of motion over every different. you could decide the possibility cost of choosing one investment alternative over another by way of using the use of the subsequent components possibility fee = return on maximum profitable funding choice - go back on funding selected to Pursue.
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