Details: We make choices as consumers every day. Opportunity cost is defined as a person's "next best alternative" or "the cost of what you give up when you make a choice."
Think of a recent decision you made regarding your career. What was your opportunity cost for making that choice? What was your "next best alternative"?
For this DB assignment clearly identify you next best alternative because the cost of a decision is the net benefits of the next best alternative. Discuss the difficulty in making decisions as well as the different approaches we cant take to determine the "optimal decision." There are no right and wrong answers but there can be "good and bad explanations.
The response addresses the queries posted in 842 words with references.
//Before scripting about the decision of the career; first, we have to understand the 'concept of opportunity cost'. We will also gain information about the decision that causes the opportunity cost. So, firstly we will write about the opportunity cost.\
When we take a decision, we must give up the next best alternative. The opportunity cost of some decision is the cost of the next best alternative, which is given up because of that particular decision. We can choose one alternative at a time. When we choose an alternative, the opportunity cost of that alternative is the economic value of sacrificed benefit. A consumer faces this situation in his day to day activities. In our daily life, we as a consumer have to make choices among different available alternatives. When we make a choice we give up the other alternatives. The cost is not always the monetary value, which we are ready to pay but, it is the foregone value of not taking a particular action.
In other words, we can say that the cost of a decision is the net benefits of the next best alternatives. In our life we take decisions in each and every field. We also have to take decisions regarding ...
726 words, APA