Opportunity Cost Critical Thinkings Samples For Students

Opportunity cost refers to the difference in return between a chosen investment and one that is necessarily given up. It may also refer to the cost of an alternative that must be forgone in order to achieve a particular action. The opportunity cost of something is the best aspect or view that a person gives up by deciding to take one of the choices between two or more mutually exclusive choices. In this case this paper will discuss the opportunity cost of attending college. The opportunity cost of attending college involves the money used or rather the monetary and time- related costs. ...

Market Structure

In simple terms, market structure refers to the classification of the various types of markets, based on their unique features on how they allocate prices of a given product in the market. The aspect is primarily classified into two, which include perfect and imperfect market.

Oligopoly

Refers to a type of market structure where there are few sellers in a given economy with many buyers for the commodity. With oligopoly, the sellers have an influence on the commodity price in the market and can significantly affect competition. An example of a company to indicate the above case is the mobile ...

Going to full-time college is expensive. Considering the financial costs of room, books, and tuitions, the biggest opportunity cost is the money that could have been accrued by entering the job market. The college going youths also bear the financial burden even before the start of their career. Assuming a student who will pay 1500 dollar annually to the college plus 5000 dollars he could have made by annually by doing some job, the college came at 26000 dollars opportunity cost for the student. These bucks could also have fetched a chic bike or any other thing of choice. ...

Introduction

Wishes and Rainbows is a children’s comic storybook. This book talks about a town, Colorland, that in its entire existence has not seen anything of color and when flowers are introduced to there, the whole town is overwhelmed. The book is essentially designed to stimulate the imagination of the students as they continue with their exploration of economic problems such as scarce resources, different allocation methods and the society’s reaction in alleviating such problems.

Question 1

The concept of scarcity is illustrated very well in the story. Scarcity can be defined as a situation where there is a deficiency of something that people ...

Scarcity in my life occurred when I saw my brother fail to continue with his masters because I was also going to high school. Since the resources were scarce, he was to forgo doing masters so that I could continue with my high school studies. The opportunity cost of me going to high school is my brothers’ failure to continue with master’s degree. The sacrifice was worth making since I also needed to continue with my studies to become a reasonable person in future.
When federal budget is being made, the trade off comes in because the government ...

And Their Application to Incremental Cost Analysis

Alan Pizzey (1989) defines cost as, “A measure of the resources used up to achieve a certain aim, and can be expressed as so much per unit of production or as the cost of operation of a section of the business”. Incremental Cost Analysis is a financial methodology used to evaluate the impact of changes in revenues on a particular potential scenario. The various categories of cost discussed in the paper are; Sunk Costs, Relevant costs, irrelevant costs, Fixed Costs/Variable Costs, Cost of goods sold, Opportunity cost.

Sunk Costs: Are costs which the organization had previously incurred in the past and cannot be ...