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Opportunity Cost - Term Paper Example

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The paper "Opportunity Cost" focuses on the scarcity of resources as a reason why households and firms have to subject their alternatives to analysis resulting in opportunity cost. A solution has been proposed to empower consumers and firms economically to help them satisfy their needs…
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Opportunity Cost
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Opportunity Cost

Download file to see previous pages...  This is due to the fact that whereas the needs could be unlimited, the resources will always be scarce such that there is not one time when a person can afford to satisfy all his needs without sacrificing (Bloom 2004 p 26).  In this essay, various examples have been used to substantiate the definition of opportunity cost which is the value of the sacrificed alternative in favor of the decision or choice made.  It goes on to compare the relationship between scarcity and opportunity cost thereby showing that scarcity is the major factor that contributes to situations that result to households and firms undergoing opportunity cost.  The essay also continues to examine the environmental impacts that are not of financial nature but which exerts pressure on the choices and alternatives which are available. A case of oil mining has been used as an example that has both positive and negative impacts on the economy and the ecosystem respectively, factors that can create conflicts between the investor and the environmentalists. In some cases like this, it has been noted that the opportunity cost can be influenced by availing incentives so as to add weight to the importance of choosing an alternative over another. Further areas of research regarding opportunity cost have also been suggested in this essay.  Opportunity cost Opportunity cost can be referred to as the foregone cost or a decision made over a range of alternatives favoring one of the alternatives. ...Download file to see next pagesRead More
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