When decision is made to allocate resources

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Reference no: EM133652711

Give feedback : When a decision is made to allocate resources, such as time, money, or effort, and to choose one option over another, the value of the next best alternative must be avoided. This is known as opportunity cost in economics. Put in another context, it's the price you pay for not selecting the next best option when you have to make a decision. The Situation i had that taught me about the concept of opportunity cost when I had an exam the next day and had planned a movie for the same day. I would not have had time to study for my test if I had gone to the movie, and I would not have had time to see the movie if I had studied for the test. I could have watched the movie for fulfillment and delight, or I might have studied for my exam to get a good grade. As a result, I was uncertain about my decision and considered a number of variables before settling on one. Seeing a movie the day after the exam or after my test was over was one of these variables. However, I will be unable to study for my exam,

Reference no: EM133652711

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