what is the most important thing of opportunity cost? what is the most important thing of...

what is the most important thing of opportunity cost?

what is the most important thing of scarcity in economic ?

Expert Solution

What iis ithe imost iimportant ithing iof iopportunity icost?

The imost iimportant ithing iof iopportunity icost iis ithe icost iof ispending iyour itime, imoney, iand ienergy ion ione ithing, iinstead iof ianother ithing. iOpportunity icosts iplay ia ibig irole iin ipersonal ifinances. iIn ievery ichoice ithat iwe imake iin ilife ihas ian iopportunity icost iattached ito iit, ieven iif iit iis inot ieasily iseen. iAn iopportunity icost idoesn’t ionly iinclude imonetary icosts, ibut iit iincludes iall ireal icosts iof imaking ione ichoice iover ianother, iincluding ithe ipsychic iprofit iof ilost itime, ienergy, iand ipleasure. iIt iis ialso isaid ithat iit iis ithe iprofit ilost iwhen ione ialternative iis iselected iover ianother. iThe iconcept iis iuseful isimply ias ia ireminder ito iexamine iall ireasonable ialternatives ibefore imaking ia idecision. iFor iexample: iGo ion ivacation inow, ior isave ithe imoney iand iinvest iit iin ia ihouse.

What iis ithe imost iimportant ithing iof iscarcity iin ieconomic i?

The imost iimportant ithing iof iscarcity iin ieconomic irefers toithe iconcept ithat ihuman iwants i(not ihuman ineeds) iexceed ithe iresources iavailable ithat iare inecessary ito iproduce ithe igoods iused ito isatisfy ithose iwants. iTherefore, ithe iscarcity iis ifundamentally ithe imost iimportant iconcept iin ieconomics, iupon iwhich iall iof ithe irest iof ithe idiscipline irests. iFor iwithout iscarcity, ino ineed ifor ichoice, ieither iindividual ior icollective, iexists. iOne ineed inot imake ia ichoice ibetween ibuying ia inice ilunch iat ia irestaurant iand ibuying ia inew isweater ibecause ione iwill ialways ihave ienough iresources ito ipurchase iboth igoods. iSince ieconomics iis ithe istudy iof ihow ipeople imake ichoices, iwithout iscarcity ithere iwould iexist ino ichoice iand, ihence, ino ieconomics.

Rahul Sunny answered 2 years ago

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what is the most important thing of opportunity cost? what is the most important thing of...

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