O'DONNELL, R. The concept of opportunity cost: is it simple, fundamental or necessary? Australasian Journal of Ecnomics Education. v.6, n.1, p.21-37, 2009.O'Donnell, R. 2008. The Concept of Opportunity Cost: Is it Simple, Fundamental, or Necessary? (December 31, 2008). Available ...
opportunity costAlbert Einstein is reputed to have said 'Everything should be made as simple as possible, but not simpler.' This is good advice for valuing ecosystem services. The fundamental principle of economic valuation is simple, but powerful: value is determined on the margin. This means ...
Hurricane – disruptive transformation: Industries in this phase are primarily consumer-driven, for example, banking, retail, telecoms, media, and entertainment. These verticals are in the midst of the digital storm and disruptive transformation. With more consumers searching, shopping, and socializing ...
Consolidate or centralize the different functions or departments of your business. Use space for dual purposes. For example, a meeting room doubles as a break room or a storage room that holds copy machines. The opportunities will vary depending upon the nature of your business. 9. Maximize you...
For example, the cost of office supplies can quickly get out of hand if they are ordered improperly. Similarly, if your supplier increases product prices, you should consider looking around for a cheaper supplier. If that isn't possible, you may need to consider raising your own prices to ...
Total growth refers to the capital appreciation of an investment plus any income it pays out. For example, stocks that pay dividends offer investors the opportunity for an increase in value due to a rise in the price of their shares plus the increase in value when dividend payments are credit...
A decision tree, which allows visualization of the different clinical pathways being compared and their possible outcomes, is an example of a simple decision analysis model (Figure 1). Probabilities of an intervention’s success or failure are estimated from existing literature on efficacy, and the...
In the first example I gave, the opportunity cost to me of mowing a lawn was 2 meals, since mowing 1 lawn took the time in which I could have made 2 meals. The opportunity cost to you of mowing a lawn was 8 meals. Since lawn mowing cost much more to you (in terms of meals) ...
Have a clear goal:since there are many reasons why you might be writing a business plan, it is best to know exactly what you hope to get out of it before starting, as it will inform how you go about creating your document. For example, your aim may be to get funding or to convince...
Here’s where you account for any possible variations in the project. For example, you might note that the project timeline for landscaping a backyard depends on having good weather. A small business can also explain how much additional work will cost. For example, they might note any addition...