Apportunity

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Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Opportunity cost: The value of what you have to give up in order to get what you want • Opportunity cost represents the benefits forgone by choosing one option over another. • Recognizing opportunity costs can help you make better decisions in all aspects of your life. • It can be difficult to identify opportunity costs when the benefits of the alternative choice aren't easily quantifiable. By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Opportunity cost is a term that refers to the potential reward that you forgo when choosing one option over the next-best alternative. It's a microeconomic concept that can be applied to many different situations, from a business determining what projects to pursue, to an employee deciding to work overtime or spend that time with their family, or an investor choosing an Opportunity costs can be easily overlooked because sometimes the benefits are unrealized, and therefore, hidden from view. Types of opportunity cost When looking at opportunity costs, economists consider two types: explicit and implicit. Explicit opportunity cost "Explicit costs are those t...

In this lesson summary review and remind yourself of the key terms, graphs, and calculations used in analyzing comparative advantage and the gains from trade. Key concepts include how to determine comparative advantage, the terms of trade, and how comparative advantage leads to higher levels of consumption. The United States, for example, has a skilled workforce, abundant natural resources, and advanced technology. Because of these three things, the US can produce many goods more efficiently than potential trading partners, giving it an absolute advantage in the production of goods from corn to computers, to maple syrup and cars. This does not, however, mean that the US does not benefit from trading for these goods with other nations. Production specialization according to comparative advantage, not absolute advantage, results in exchange opportunities that lead to consumption opportunities beyond the PPC. Trade between two agents or countries allows the countries to enjoy a higher total output and level of consumption than what would have been possible domestically. Canada and Mexico can each specialize in the good they have a comparative advantage in and exchange with one another. This lets both countries enjoy more maple syrup and avocados than they could have enjoyed without trade. Mexico will export avocados and import maple syrup; this way Mexicans can enjoy their tasty breakfasts and Canadians will enjoy delicious guacamole! In order for Canadians to benefit from tr...

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