RESPOND WITH AT LEAT 150 WORDS, CITATION AND REFRENCE
The consideration of opportunity costs may be relevant to a firm because they might be missing the value of one opportunity to pursue another option they see more fit for the firm (Marginal Revolution University, 2018). Opportunity cost is important to understand when it comes to a firm because this is something that should be taken into consideration when seeking new opportunities that have the potential to cause chaos. Opportunity costs can affect any business decision either positively or negatively because a firm could pass one opportunity that could be beneficial to them, but instead pass on this because they thought they saw another great opportunity. Another possibility could be passing on a bad opportunity in one area and moving onto another that brings in a greater reward. One example could be spending money on a luxurious vacation instead of spending money on a new car. Essentially you are giving up the opportunity to obtain that new car while being on a vacation.
Marginal Revolution University. (2018). What is opportunity cost? Retrieved from https://youtu.be/x-hYzRncxTc
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more