Which of the following is a term given to the potential loss of resources or experience following a person's decision to pursue an alternate activity or make a different choice?AdeflationBopportunity costCscarcityDsunk cost
Question
Which of the following is a term given to the potential loss of resources or experience following a person's decision to pursue an alternate activity or make a different choice?AdeflationBopportunity costCscarcityDsunk cost
Solution
The term given to the potential loss of resources or experience following a person's decision to pursue an alternate activity or make a different choice is B) opportunity cost. This economic concept refers to the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. The idea that by choosing one option, you miss out on the benefits of other options is the basis of opportunity cost.
Similar Questions
A cost that cannot be avoided or changed because it arises from a past decision, and is irrelevant to current and future decisions, is called a(n):Multiple ChoiceUncontrollable cost.Out-of-pocket cost.Sunk cost.Opportunity cost.Incremental cost.
Which term defines having to choose among two or more alternatives?Multiple choice question.resource allocationbrain stormingstrategic planningdecision making
The forgoing or losing of other alternatives in order to obtain the alternative we have chosen is called_______________
1. LO 10.1________ are the costs associated with not choosing the other alternative.Sunk costsOpportunity costsDifferential costsAvoidable costs
What is it called when a person takes stock of what is to be gained and lost in a decision?Managerial ethicsCost-benefit analysisRuSelf-regulation
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.