-
What Is Opportunity Cost?
In economics, opportunity cost refers to the value a person could have received but passed up in pursuit of another option.
---------------------------------------------------------------
Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8
Dictionary of Economics Course: http://bit.ly/2w7alQT
Additional practice questions: http://bit.ly/2Mrzn7i
Ask a question about the video: http://bit.ly/2w6NW66
Help translate this video: http://bit.ly/2MMtDCi
published: 14 Aug 2018
-
Opportunity Cost
Courses on Khan Academy are always 100% free. Start practicing—and saving your progress—now: https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/basic-economics-concepts-macro/production-possibilities-curve-scarcity-choice-and-opportunity-cost-macro/v/opportunity-cost
Opportunity cost (and marginal cost) based on the PPF
More free lessons at: http://www.khanacademy.org/video?v=pkEiHZAtoro
published: 29 Dec 2011
-
Opportunity Cost: The Hidden Cost of Everything
Every day, we have to make decisions, be it small, like trying a new soap, or huge, like moving abroad. Each such decision comes at a price. This price is the benefit we forego by not choosing the other option. Economists call these benefits “opportunity costs”. Although they are often less obvious and sometimes speculative, opportunity costs can be huge, therefore, learning about them makes sense! Watch our video to learn more about what opportunity costs are, how they work in real life, and how you can calculate the true costs of going to college.
SUPPORT us to discover more econ concepts!
https://www.patreon.com/sprouts 🐦:
DOWNLOAD video without ads and background music 🤫:
https://sproutsschools.com/video-lessons/
SIGN UP to our mailing list and never miss a new video from us 🔔:
ht...
published: 02 Jun 2022
-
Opportunity Cost and Tradeoffs
Opportunity cost and tradeoffs are two fundamental concepts from economics and they are all around us.
Tyler Cowen shares the definition of opportunity cost: the value of your next best alternative. Time, space, or resources used to achieve one goal can’t (usually) be used simultaneously to achieve another. A few examples of opportunity costs show that we face them all the time–even when we’re making decisions that don’t revolve around spending money. Some opportunity costs, like the value of spending time with loved ones, can’t easily be quantified in dollars and cents, so there’s no simple formula or calculator for opportunity cost.
Because resources are scarce, tradeoffs are everywhere. For example, building codes can require entrepreneurs to install sprinklers, safety glass, and oth...
published: 23 Aug 2023
-
Opportunity Costs (the "Price" of Missed Opportunities) Explained in One Minute
How many people actually think about the opportunity cost of a decision or in other words, how many understand that missed opportunities come with a price tag?
Pretty much nobody, as the cost of missed opportunities is something that tends to slip most people's minds. However, without understanding what the opportunity costs of a decision are, you're in a poor position to meaningfully assess its implications.
Opportunity cost may sound like a pompous term but quite frankly, understanding the price of missed opportunities is a piece of cake if you just invest a minute (literally) of your time.
Please like, comment and subscribe if you've enjoyed this video.
To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my mes...
published: 16 May 2017
-
Opportunity Cost Definition and Real World Examples
Learn the most important concept of economics through the use of real-world scenarios that highlight both the benefits and the costs of decisions. Opportunity cost is a simple yet powerful principle that reveals how to make the best economic decisions possible, and it explains why people make the choices they do.
Visit Study.com for thousands more videos like this one. You'll get full access to our interactive quizzes and transcripts and can find out how to use our videos to earn real college credit.
YouTube hosts only the first few lessons in each course. The rest are at Study.com. Take the next step in your educational future and graduate with less debt and in less time.
Follow Us On:
Instagram - https://www.instagram.com/studydotcom/
Facebook - http://www.facebook.com/StudyDotCom
...
published: 31 Dec 2013
-
Production Possibilities Curve Review
In this video I explain how the production possibilities curve (PPC) shows scarcity, trade-offs, opportunity cost, and efficiency. This is the first graph you are going to learn in your economics class. Thanks for watching. Please subscribe.
If you need more help, check out the Ultimate Review Packet for FREE
https://www.acdcecon.com/review-packet
published: 30 Aug 2014
-
Scarcity, Trade-offs, and Cost/Benefit Analysis
A core concept we must discuss if we are to understand economics is scarcity. Our wants and needs are endless, but the things we want and need are necessarily finite in nature. Therefore, we can say that these things are scarce. They run out. If they didn't, economics would not exist, because economics is all about making choices based on scarcity. If we spend money on one thing, there is necessarily a trade-off, because we have less money to spend on something else. This is true for both rich and poor, as no one has infinite wealth. When we make choices, there is always an opportunity cost. This is the thing we give up when we make a choice. In analyzing these choices, we can sometimes think at the margin, where we identify marginal costs and marginal benefits for the choices we make, whi...
published: 28 Apr 2021
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3 Tax Savings Strategies with Mark Perlberg, CPA
Taxes eat up a chunk of most people's income. What if there are ways to keep more of what you’ve earned? In this episode, Russ, Joey, and CPA Mark Perlberg discuss the top mistakes entrepreneurs and business owners make that make them pay unnecessary taxes.
If you are eager to know how to protect your income, consider implementing the ideas that could reduce your tax bill this year or the next.
Top three things you will learn:
1. The different types of income
2. Strategies to help you stop paying unnecessary taxes
3. When does it make sense to hire an accountant or bookkeeper?
About Our Guest:
Mark Perlberg is a CPA whose mission is to provide clients with the most powerful tax strategies, business insight, and support to grow their businesses, build wealth, an...
published: 19 Jan 2024
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What is Opportunity Cost?
There's an old saying: ‘Time is money’. It's all about Opportunity Cost.
It means, if you try to save money by doing something yourself, you may be omitting to think about the value of your time. When you are working on that thing, you lose the opportunity to use your time more productively.
That time is the Opportunity Cost.
Opportunity costs represent the benefits an individual or organization misses out on when it chooses one alternative over another.
Application: Business Case and Project Proposal
Opportunity costs are not restricted to money or financial costs
The real cost of any gain you forgo is an opportunity cost.
Examples include:
- lost time
- pleasure
- competitive advantage, or
- any other benefit
Explicit and Implicit Opportunity Costs
- Explicit Opportunity Costs r...
published: 16 Jul 2020
2:46
What Is Opportunity Cost?
In economics, opportunity cost refers to the value a person could have received but passed up in pursuit of another option.
-----------------------------------...
In economics, opportunity cost refers to the value a person could have received but passed up in pursuit of another option.
---------------------------------------------------------------
Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8
Dictionary of Economics Course: http://bit.ly/2w7alQT
Additional practice questions: http://bit.ly/2Mrzn7i
Ask a question about the video: http://bit.ly/2w6NW66
Help translate this video: http://bit.ly/2MMtDCi
https://wn.com/What_Is_Opportunity_Cost
In economics, opportunity cost refers to the value a person could have received but passed up in pursuit of another option.
---------------------------------------------------------------
Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8
Dictionary of Economics Course: http://bit.ly/2w7alQT
Additional practice questions: http://bit.ly/2Mrzn7i
Ask a question about the video: http://bit.ly/2w6NW66
Help translate this video: http://bit.ly/2MMtDCi
- published: 14 Aug 2018
- views: 538186
5:48
Opportunity Cost
Courses on Khan Academy are always 100% free. Start practicing—and saving your progress—now: https://www.khanacademy.org/economics-finance-domain/ap-macroecono...
Courses on Khan Academy are always 100% free. Start practicing—and saving your progress—now: https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/basic-economics-concepts-macro/production-possibilities-curve-scarcity-choice-and-opportunity-cost-macro/v/opportunity-cost
Opportunity cost (and marginal cost) based on the PPF
More free lessons at: http://www.khanacademy.org/video?v=pkEiHZAtoro
https://wn.com/Opportunity_Cost
Courses on Khan Academy are always 100% free. Start practicing—and saving your progress—now: https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/basic-economics-concepts-macro/production-possibilities-curve-scarcity-choice-and-opportunity-cost-macro/v/opportunity-cost
Opportunity cost (and marginal cost) based on the PPF
More free lessons at: http://www.khanacademy.org/video?v=pkEiHZAtoro
- published: 29 Dec 2011
- views: 1191979
3:31
Opportunity Cost: The Hidden Cost of Everything
Every day, we have to make decisions, be it small, like trying a new soap, or huge, like moving abroad. Each such decision comes at a price. This price is the b...
Every day, we have to make decisions, be it small, like trying a new soap, or huge, like moving abroad. Each such decision comes at a price. This price is the benefit we forego by not choosing the other option. Economists call these benefits “opportunity costs”. Although they are often less obvious and sometimes speculative, opportunity costs can be huge, therefore, learning about them makes sense! Watch our video to learn more about what opportunity costs are, how they work in real life, and how you can calculate the true costs of going to college.
SUPPORT us to discover more econ concepts!
https://www.patreon.com/sprouts 🐦:
DOWNLOAD video without ads and background music 🤫:
https://sproutsschools.com/video-lessons/
SIGN UP to our mailing list and never miss a new video from us 🔔:
http://eepurl.com/dNU4BQ
SOURCES and teaching resources 🎓:
https://sproutsschools.com/opportunity-cost-the-hidden-costs-of-everything/
VISIT our website :
https://www.sproutsschools.com
CONTRIBUTE by upvoting your favorite topic or suggesting new ones :
https://sprouts.featureupvote.com/
THANKS to our patrons
Andrea Basilio Rava, Angela, Ann Hufstader, Artur, Badrah, Brilliant Minds Learning, C, Cedric.Wang, Daniel Kramer, Denis Kraus, Digital INnov8ors, Esther Chiang, Eva Marie Koblin, Gatsby Dkdc, Ginger, Hal Beltran, ICH KANN DEUTSCH UND ES WAR EINFACH!, Jannes Kroon, Jeffrey Cassianna, Joanne Doyle, Johan Klassen, Jonathan Schwarz, Jorge Luis Mejia Velazquez, Juliet Hutchings, L Efre, Liskaya, Marcel, Marco VanGuff, Margaret Grace, María, Marq Short, Mathis Nu, Mezes.Macko, Muhammad Humayun, Nicki, Okan Elibol, Petra, Raymond Fujioka, Reynir Örn Bachmann Guðmundsson, Robert Cook, scripz, Si, Stephen, Stephen Clark, Stefan Gros, Susan Schuster, Tetiana Gerasymova, Tristan Scifo, Victor Paweletz, Wolfgang Vullhorst, Yvonne Clapham and all the others.Thank you! To join them visit www.patreon.com/sprouts
COLLABORATORS
Script: Jonas Koblin
Artist: Pascal Gaggelli
Voice: Mithrilda
Coloring: Nalin
Editing: Peera Lertsukittipongsa
Head of Partnership Program: Selina Bador
Production: Morgan Lizop
Proofreading: Susan
Sound Design: Miguel Ojeda
SOUNDTRACKS
Cannonball Swing - RimskyMusic
DIG DEEPER with these top videos, games and resources:
Listen to this podcast with Michael Munger of Duke University and Russ Roberts talk about the economics of ticket scalping, gifts, and opportunity costs; https://www.econtalk.org/ticket-scalping-and-opportunity-cost/
Read about Sunk costs; https://en.wikipedia.org/wiki/Sunk_cost
Read about opportunity costs, how investors define it; https://www.investopedia.com/terms/o/opportunitycost.asp
SOURCES
Opportunity costs - by Econlib; https://www.econlib.org/library/Topics/College/opportunitycost.html
Opportunity costs - Wikipedia; https://en.wikipedia.org/wiki/Opportunity_cost
CLASSROOM EXERCISE
Exercise 1: The costs of dropping out of college
Let your class calculate the opportunity costs of a high school student who thinks about dropping out of college to help in the family business instead:
The cost of tuition and living is $2,000 a month.
It takes a total of 6 years to finish university.
After obtaining a degree the student can work in the field of medicine for 34 years earning $10,000 a month and spending $3,000 on monthly living expenses.
If the student is entering the family business he or she earns $3,500 a month right away for the next 40 years with zero living expenses.
What is the cost of dropping out of college?
CHAPTERS
00:00 Intro to Opportunity Cost
00:28 Trade off concept
00:49 Cost of college
01:37 Opportunity cost of college
01:59 Calculation exercise
02:45 Patron credits
02:55 Ending
TAGS
#econ #economics #opportunitycosts #sproutslearning
https://wn.com/Opportunity_Cost_The_Hidden_Cost_Of_Everything
Every day, we have to make decisions, be it small, like trying a new soap, or huge, like moving abroad. Each such decision comes at a price. This price is the benefit we forego by not choosing the other option. Economists call these benefits “opportunity costs”. Although they are often less obvious and sometimes speculative, opportunity costs can be huge, therefore, learning about them makes sense! Watch our video to learn more about what opportunity costs are, how they work in real life, and how you can calculate the true costs of going to college.
SUPPORT us to discover more econ concepts!
https://www.patreon.com/sprouts 🐦:
DOWNLOAD video without ads and background music 🤫:
https://sproutsschools.com/video-lessons/
SIGN UP to our mailing list and never miss a new video from us 🔔:
http://eepurl.com/dNU4BQ
SOURCES and teaching resources 🎓:
https://sproutsschools.com/opportunity-cost-the-hidden-costs-of-everything/
VISIT our website :
https://www.sproutsschools.com
CONTRIBUTE by upvoting your favorite topic or suggesting new ones :
https://sprouts.featureupvote.com/
THANKS to our patrons
Andrea Basilio Rava, Angela, Ann Hufstader, Artur, Badrah, Brilliant Minds Learning, C, Cedric.Wang, Daniel Kramer, Denis Kraus, Digital INnov8ors, Esther Chiang, Eva Marie Koblin, Gatsby Dkdc, Ginger, Hal Beltran, ICH KANN DEUTSCH UND ES WAR EINFACH!, Jannes Kroon, Jeffrey Cassianna, Joanne Doyle, Johan Klassen, Jonathan Schwarz, Jorge Luis Mejia Velazquez, Juliet Hutchings, L Efre, Liskaya, Marcel, Marco VanGuff, Margaret Grace, María, Marq Short, Mathis Nu, Mezes.Macko, Muhammad Humayun, Nicki, Okan Elibol, Petra, Raymond Fujioka, Reynir Örn Bachmann Guðmundsson, Robert Cook, scripz, Si, Stephen, Stephen Clark, Stefan Gros, Susan Schuster, Tetiana Gerasymova, Tristan Scifo, Victor Paweletz, Wolfgang Vullhorst, Yvonne Clapham and all the others.Thank you! To join them visit www.patreon.com/sprouts
COLLABORATORS
Script: Jonas Koblin
Artist: Pascal Gaggelli
Voice: Mithrilda
Coloring: Nalin
Editing: Peera Lertsukittipongsa
Head of Partnership Program: Selina Bador
Production: Morgan Lizop
Proofreading: Susan
Sound Design: Miguel Ojeda
SOUNDTRACKS
Cannonball Swing - RimskyMusic
DIG DEEPER with these top videos, games and resources:
Listen to this podcast with Michael Munger of Duke University and Russ Roberts talk about the economics of ticket scalping, gifts, and opportunity costs; https://www.econtalk.org/ticket-scalping-and-opportunity-cost/
Read about Sunk costs; https://en.wikipedia.org/wiki/Sunk_cost
Read about opportunity costs, how investors define it; https://www.investopedia.com/terms/o/opportunitycost.asp
SOURCES
Opportunity costs - by Econlib; https://www.econlib.org/library/Topics/College/opportunitycost.html
Opportunity costs - Wikipedia; https://en.wikipedia.org/wiki/Opportunity_cost
CLASSROOM EXERCISE
Exercise 1: The costs of dropping out of college
Let your class calculate the opportunity costs of a high school student who thinks about dropping out of college to help in the family business instead:
The cost of tuition and living is $2,000 a month.
It takes a total of 6 years to finish university.
After obtaining a degree the student can work in the field of medicine for 34 years earning $10,000 a month and spending $3,000 on monthly living expenses.
If the student is entering the family business he or she earns $3,500 a month right away for the next 40 years with zero living expenses.
What is the cost of dropping out of college?
CHAPTERS
00:00 Intro to Opportunity Cost
00:28 Trade off concept
00:49 Cost of college
01:37 Opportunity cost of college
01:59 Calculation exercise
02:45 Patron credits
02:55 Ending
TAGS
#econ #economics #opportunitycosts #sproutslearning
- published: 02 Jun 2022
- views: 62760
4:38
Opportunity Cost and Tradeoffs
Opportunity cost and tradeoffs are two fundamental concepts from economics and they are all around us.
Tyler Cowen shares the definition of opportunity cost: ...
Opportunity cost and tradeoffs are two fundamental concepts from economics and they are all around us.
Tyler Cowen shares the definition of opportunity cost: the value of your next best alternative. Time, space, or resources used to achieve one goal can’t (usually) be used simultaneously to achieve another. A few examples of opportunity costs show that we face them all the time–even when we’re making decisions that don’t revolve around spending money. Some opportunity costs, like the value of spending time with loved ones, can’t easily be quantified in dollars and cents, so there’s no simple formula or calculator for opportunity cost.
Because resources are scarce, tradeoffs are everywhere. For example, building codes can require entrepreneurs to install sprinklers, safety glass, and other strategies to keep consumers safe. However, the cost of these building improvements can increase the costs of products and prevent new businesses from being opened. Economics can help you understand these tradeoffs so you can navigate them. Once you master the economic way of thinking, you’ll see these tradeoffs everywhere you look.
Get our FREE Intro to Economics unit plan: https://mru.io/4lh
Continue learning with practice questions: https://mru.io/n34
Watch the next video: https://mru.io/x79
00:00 Intro
00:24 Opportunity Cost
01:30 Cost Benefit Analysis
01:58 Tradeoffs
02:37 Examples of Tradeoffs
https://wn.com/Opportunity_Cost_And_Tradeoffs
Opportunity cost and tradeoffs are two fundamental concepts from economics and they are all around us.
Tyler Cowen shares the definition of opportunity cost: the value of your next best alternative. Time, space, or resources used to achieve one goal can’t (usually) be used simultaneously to achieve another. A few examples of opportunity costs show that we face them all the time–even when we’re making decisions that don’t revolve around spending money. Some opportunity costs, like the value of spending time with loved ones, can’t easily be quantified in dollars and cents, so there’s no simple formula or calculator for opportunity cost.
Because resources are scarce, tradeoffs are everywhere. For example, building codes can require entrepreneurs to install sprinklers, safety glass, and other strategies to keep consumers safe. However, the cost of these building improvements can increase the costs of products and prevent new businesses from being opened. Economics can help you understand these tradeoffs so you can navigate them. Once you master the economic way of thinking, you’ll see these tradeoffs everywhere you look.
Get our FREE Intro to Economics unit plan: https://mru.io/4lh
Continue learning with practice questions: https://mru.io/n34
Watch the next video: https://mru.io/x79
00:00 Intro
00:24 Opportunity Cost
01:30 Cost Benefit Analysis
01:58 Tradeoffs
02:37 Examples of Tradeoffs
- published: 23 Aug 2023
- views: 35444
1:24
Opportunity Costs (the "Price" of Missed Opportunities) Explained in One Minute
How many people actually think about the opportunity cost of a decision or in other words, how many understand that missed opportunities come with a price tag?
...
How many people actually think about the opportunity cost of a decision or in other words, how many understand that missed opportunities come with a price tag?
Pretty much nobody, as the cost of missed opportunities is something that tends to slip most people's minds. However, without understanding what the opportunity costs of a decision are, you're in a poor position to meaningfully assess its implications.
Opportunity cost may sound like a pompous term but quite frankly, understanding the price of missed opportunities is a piece of cake if you just invest a minute (literally) of your time.
Please like, comment and subscribe if you've enjoyed this video.
To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message.
Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to
[email protected], any and all support is greatly appreciated!
Oh and I've also started playing around with Patreon, my link is:
https://www.patreon.com/oneminuteeconomics
Interested in reading a good book?
My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below:
Amazon - https://www.amazon.com/Wealth-Management-2-0-Financial-Professionals-ebook/dp/B01I1WA2BK
Barnes & Noble - http://www.barnesandnoble.com/w/wealth-management-20-andrei-polgar/1124435282?ean=2940153328942
iBooks (Apple) - https://itun.es/us/wYSveb.l
Kobo - https://store.kobobooks.com/en-us/ebook/wealth-management-2-0
My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below.
Amazon - https://www.amazon.com/Age-Anomaly-Spotting-Financial-Uncertainty-ebook/dp/B078SYL5YS
Barnes & Noble - https://www.barnesandnoble.com/w/the-age-of-anomaly-andrei-polgar/1127084693?ean=2940155383970
iBooks (Apple) - https://itunes.apple.com/us/book/age-anomaly-spotting-financial-storms-in-sea-uncertainty/id1331704265
Kobo - https://www.kobo.com/ww/en/ebook/the-age-of-anomaly-spotting-financial-storms-in-a-sea-of-uncertainty
Last but not least, if you'd like to follow me on social media, use one of the links below:
https://www.facebook.com/oneminuteeconomics
https://twitter.com/andreipolgar
https://ro.linkedin.com/in/andrei-polgar-9a11a561
https://wn.com/Opportunity_Costs_(The_Price_Of_Missed_Opportunities)_Explained_In_One_Minute
How many people actually think about the opportunity cost of a decision or in other words, how many understand that missed opportunities come with a price tag?
Pretty much nobody, as the cost of missed opportunities is something that tends to slip most people's minds. However, without understanding what the opportunity costs of a decision are, you're in a poor position to meaningfully assess its implications.
Opportunity cost may sound like a pompous term but quite frankly, understanding the price of missed opportunities is a piece of cake if you just invest a minute (literally) of your time.
Please like, comment and subscribe if you've enjoyed this video.
To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message.
Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to
[email protected], any and all support is greatly appreciated!
Oh and I've also started playing around with Patreon, my link is:
https://www.patreon.com/oneminuteeconomics
Interested in reading a good book?
My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below:
Amazon - https://www.amazon.com/Wealth-Management-2-0-Financial-Professionals-ebook/dp/B01I1WA2BK
Barnes & Noble - http://www.barnesandnoble.com/w/wealth-management-20-andrei-polgar/1124435282?ean=2940153328942
iBooks (Apple) - https://itun.es/us/wYSveb.l
Kobo - https://store.kobobooks.com/en-us/ebook/wealth-management-2-0
My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below.
Amazon - https://www.amazon.com/Age-Anomaly-Spotting-Financial-Uncertainty-ebook/dp/B078SYL5YS
Barnes & Noble - https://www.barnesandnoble.com/w/the-age-of-anomaly-andrei-polgar/1127084693?ean=2940155383970
iBooks (Apple) - https://itunes.apple.com/us/book/age-anomaly-spotting-financial-storms-in-sea-uncertainty/id1331704265
Kobo - https://www.kobo.com/ww/en/ebook/the-age-of-anomaly-spotting-financial-storms-in-a-sea-of-uncertainty
Last but not least, if you'd like to follow me on social media, use one of the links below:
https://www.facebook.com/oneminuteeconomics
https://twitter.com/andreipolgar
https://ro.linkedin.com/in/andrei-polgar-9a11a561
- published: 16 May 2017
- views: 115692
3:25
Opportunity Cost Definition and Real World Examples
Learn the most important concept of economics through the use of real-world scenarios that highlight both the benefits and the costs of decisions. Opportunity c...
Learn the most important concept of economics through the use of real-world scenarios that highlight both the benefits and the costs of decisions. Opportunity cost is a simple yet powerful principle that reveals how to make the best economic decisions possible, and it explains why people make the choices they do.
Visit Study.com for thousands more videos like this one. You'll get full access to our interactive quizzes and transcripts and can find out how to use our videos to earn real college credit.
YouTube hosts only the first few lessons in each course. The rest are at Study.com. Take the next step in your educational future and graduate with less debt and in less time.
Follow Us On:
Instagram - https://www.instagram.com/studydotcom/
Facebook - http://www.facebook.com/StudyDotCom
Linkedin - https://www.linkedin.com/company/stud...
Twitter - http://twitter.com/studydotcom
Subscribe to our channel for other study tips!
https://wn.com/Opportunity_Cost_Definition_And_Real_World_Examples
Learn the most important concept of economics through the use of real-world scenarios that highlight both the benefits and the costs of decisions. Opportunity cost is a simple yet powerful principle that reveals how to make the best economic decisions possible, and it explains why people make the choices they do.
Visit Study.com for thousands more videos like this one. You'll get full access to our interactive quizzes and transcripts and can find out how to use our videos to earn real college credit.
YouTube hosts only the first few lessons in each course. The rest are at Study.com. Take the next step in your educational future and graduate with less debt and in less time.
Follow Us On:
Instagram - https://www.instagram.com/studydotcom/
Facebook - http://www.facebook.com/StudyDotCom
Linkedin - https://www.linkedin.com/company/stud...
Twitter - http://twitter.com/studydotcom
Subscribe to our channel for other study tips!
- published: 31 Dec 2013
- views: 714535
5:36
Production Possibilities Curve Review
In this video I explain how the production possibilities curve (PPC) shows scarcity, trade-offs, opportunity cost, and efficiency. This is the first graph you ...
In this video I explain how the production possibilities curve (PPC) shows scarcity, trade-offs, opportunity cost, and efficiency. This is the first graph you are going to learn in your economics class. Thanks for watching. Please subscribe.
If you need more help, check out the Ultimate Review Packet for FREE
https://www.acdcecon.com/review-packet
https://wn.com/Production_Possibilities_Curve_Review
In this video I explain how the production possibilities curve (PPC) shows scarcity, trade-offs, opportunity cost, and efficiency. This is the first graph you are going to learn in your economics class. Thanks for watching. Please subscribe.
If you need more help, check out the Ultimate Review Packet for FREE
https://www.acdcecon.com/review-packet
- published: 30 Aug 2014
- views: 2781434
6:47
Scarcity, Trade-offs, and Cost/Benefit Analysis
A core concept we must discuss if we are to understand economics is scarcity. Our wants and needs are endless, but the things we want and need are necessarily f...
A core concept we must discuss if we are to understand economics is scarcity. Our wants and needs are endless, but the things we want and need are necessarily finite in nature. Therefore, we can say that these things are scarce. They run out. If they didn't, economics would not exist, because economics is all about making choices based on scarcity. If we spend money on one thing, there is necessarily a trade-off, because we have less money to spend on something else. This is true for both rich and poor, as no one has infinite wealth. When we make choices, there is always an opportunity cost. This is the thing we give up when we make a choice. In analyzing these choices, we can sometimes think at the margin, where we identify marginal costs and marginal benefits for the choices we make, which can be labeled a cost/benefit analysis. This will all make more sense with some simple examples, so let's take a look!
Script by Matt Beat: https://www.youtube.com/user/iammrbeat
Animation by Ignacio Triana: https://www.youtube.com/c/Unraveled
Watch the whole Economics playlist: http://bit.ly/ProfDaveEcon
Mathematics Tutorials: http://bit.ly/ProfDaveMath
American History Tutorials: http://bit.ly/ProfDaveAmericanHistory
History of Drugs Videos: http://bit.ly/ProfDaveHistoryDrugs
General Chemistry Tutorials: http://bit.ly/ProfDaveGenChem
Classical Physics Tutorials: http://bit.ly/ProfDavePhysics1
EMAIL►
[email protected]
PATREON► http://patreon.com/ProfessorDaveExplains
Check out "Is This Wi-Fi Organic?", my book on disarming pseudoscience!
Amazon: https://amzn.to/2HtNpVH
Bookshop: https://bit.ly/39cKADM
Barnes and Noble: https://bit.ly/3pUjmrn
Book Depository: http://bit.ly/3aOVDlT
https://wn.com/Scarcity,_Trade_Offs,_And_Cost_Benefit_Analysis
A core concept we must discuss if we are to understand economics is scarcity. Our wants and needs are endless, but the things we want and need are necessarily finite in nature. Therefore, we can say that these things are scarce. They run out. If they didn't, economics would not exist, because economics is all about making choices based on scarcity. If we spend money on one thing, there is necessarily a trade-off, because we have less money to spend on something else. This is true for both rich and poor, as no one has infinite wealth. When we make choices, there is always an opportunity cost. This is the thing we give up when we make a choice. In analyzing these choices, we can sometimes think at the margin, where we identify marginal costs and marginal benefits for the choices we make, which can be labeled a cost/benefit analysis. This will all make more sense with some simple examples, so let's take a look!
Script by Matt Beat: https://www.youtube.com/user/iammrbeat
Animation by Ignacio Triana: https://www.youtube.com/c/Unraveled
Watch the whole Economics playlist: http://bit.ly/ProfDaveEcon
Mathematics Tutorials: http://bit.ly/ProfDaveMath
American History Tutorials: http://bit.ly/ProfDaveAmericanHistory
History of Drugs Videos: http://bit.ly/ProfDaveHistoryDrugs
General Chemistry Tutorials: http://bit.ly/ProfDaveGenChem
Classical Physics Tutorials: http://bit.ly/ProfDavePhysics1
EMAIL►
[email protected]
PATREON► http://patreon.com/ProfessorDaveExplains
Check out "Is This Wi-Fi Organic?", my book on disarming pseudoscience!
Amazon: https://amzn.to/2HtNpVH
Bookshop: https://bit.ly/39cKADM
Barnes and Noble: https://bit.ly/3pUjmrn
Book Depository: http://bit.ly/3aOVDlT
- published: 28 Apr 2021
- views: 78602
31:51
3 Tax Savings Strategies with Mark Perlberg, CPA
Taxes eat up a chunk of most people's income. What if there are ways to keep more of what you’ve earned? In this episode, Russ, Joey, and CPA Mark Perlberg disc...
Taxes eat up a chunk of most people's income. What if there are ways to keep more of what you’ve earned? In this episode, Russ, Joey, and CPA Mark Perlberg discuss the top mistakes entrepreneurs and business owners make that make them pay unnecessary taxes.
If you are eager to know how to protect your income, consider implementing the ideas that could reduce your tax bill this year or the next.
Top three things you will learn:
1. The different types of income
2. Strategies to help you stop paying unnecessary taxes
3. When does it make sense to hire an accountant or bookkeeper?
About Our Guest:
Mark Perlberg is a CPA whose mission is to provide clients with the most powerful tax strategies, business insight, and support to grow their businesses, build wealth, and achieve financial freedom.
Connect with Mark Perlberg, CPA:
• Website - https://www.markperlbergcpa.com/
Free Financial Strategy Call:
https://www.wealthwithoutwallstreet.com/freecall
Apply to Join the Passive Income Mastermind:
https://www.wealthwithoutwallstreet.com/wwws-passive-income-mastermind
Join the Community:
https://www.wealthwithoutwallstreet.com/community
Turn Active Income Into Passive Income:
https://go.wealthwithoutwallstreet.com/pios
Take the Financial Freedom Analyzer:
https://wealthwithoutwallstreet.com/quiz
Discover Your Path to Financial Freedom:
https://www.wealthwithoutwallstreet.com/passport (https://www.wealthwithoutwallstreet.com/path)
Know Your Investor DNA:
https://go.wealthwithoutwallstreet.com/investordna
Invest with The Land Geek:
https://www.thelandgeek.com/
Invest with Your Friends and Family:
https://www.tribevest.com/wwws
Accounting Made Easier for Your Business:
https://quickbooks.intuit.com/
—
https://wn.com/3_Tax_Savings_Strategies_With_Mark_Perlberg,_Cpa
Taxes eat up a chunk of most people's income. What if there are ways to keep more of what you’ve earned? In this episode, Russ, Joey, and CPA Mark Perlberg discuss the top mistakes entrepreneurs and business owners make that make them pay unnecessary taxes.
If you are eager to know how to protect your income, consider implementing the ideas that could reduce your tax bill this year or the next.
Top three things you will learn:
1. The different types of income
2. Strategies to help you stop paying unnecessary taxes
3. When does it make sense to hire an accountant or bookkeeper?
About Our Guest:
Mark Perlberg is a CPA whose mission is to provide clients with the most powerful tax strategies, business insight, and support to grow their businesses, build wealth, and achieve financial freedom.
Connect with Mark Perlberg, CPA:
• Website - https://www.markperlbergcpa.com/
Free Financial Strategy Call:
https://www.wealthwithoutwallstreet.com/freecall
Apply to Join the Passive Income Mastermind:
https://www.wealthwithoutwallstreet.com/wwws-passive-income-mastermind
Join the Community:
https://www.wealthwithoutwallstreet.com/community
Turn Active Income Into Passive Income:
https://go.wealthwithoutwallstreet.com/pios
Take the Financial Freedom Analyzer:
https://wealthwithoutwallstreet.com/quiz
Discover Your Path to Financial Freedom:
https://www.wealthwithoutwallstreet.com/passport (https://www.wealthwithoutwallstreet.com/path)
Know Your Investor DNA:
https://go.wealthwithoutwallstreet.com/investordna
Invest with The Land Geek:
https://www.thelandgeek.com/
Invest with Your Friends and Family:
https://www.tribevest.com/wwws
Accounting Made Easier for Your Business:
https://quickbooks.intuit.com/
—
- published: 19 Jan 2024
- views: 2
5:17
What is Opportunity Cost?
There's an old saying: ‘Time is money’. It's all about Opportunity Cost.
It means, if you try to save money by doing something yourself, you may be omitting to...
There's an old saying: ‘Time is money’. It's all about Opportunity Cost.
It means, if you try to save money by doing something yourself, you may be omitting to think about the value of your time. When you are working on that thing, you lose the opportunity to use your time more productively.
That time is the Opportunity Cost.
Opportunity costs represent the benefits an individual or organization misses out on when it chooses one alternative over another.
Application: Business Case and Project Proposal
Opportunity costs are not restricted to money or financial costs
The real cost of any gain you forgo is an opportunity cost.
Examples include:
- lost time
- pleasure
- competitive advantage, or
- any other benefit
Explicit and Implicit Opportunity Costs
- Explicit Opportunity Costs refer to money applied to one objective, which could have an alternative use.
- Implicit Opportunity Costs refer to other resources or assets applied to one objective, which could have an alternative use.
Anything (resource, asset, or time) that you could put to alternative use gives rise to an opportunity cost.
Evaluating Project Options
Project Sponsors, clients, and Project Boards can use opportunity cost to help make informed decisions when they have multiple options before them. Understanding the potential missed opportunities they would forgo by choosing one investment over another allows for better decision-making.
So, this is fundamentally a matter of strategic decision-making, business acumen, and good governance.
Opportunity Cost Formula and Calculation
Opportunity Cost = FO − CO
where:
FO = Return on best foregone option
CO = Return on chosen option
The formula for calculating an opportunity cost is simply the difference between the expected returns of each option. This allows us to compare different options in a business case, or compare a project proposal with alternative proposals - or with doing nothing.
__
Carefully selected video recommendations for you:
- Project Business Case: Write an Effective Project Proposal
... https://youtu.be/teUEA2CCyG8
- How to Estimate Project Costs: A Method for Cost Estimation
... https://youtu.be/YQ2Wi3Jh3X0
- What is Sunk Cost? ...and the Sunk Cost Fallacy?
... https://youtu.be/PubhWnVYkDE
- How to Deliver Effective Project Cost Management
... https://youtu.be/7bXcc7AYajo
- What is Business Acumen?
... https://youtu.be/ChAWdmplhwY
- Project Financial Management - 5 Tips for Good Project Cost Control
... https://youtu.be/1mHaBKAamIU
For more great Project Management videos, please subscribe to this channel: https://www.youtube.com/channel/UCMZfp1_wquyegVY9SoER0Nw?sub_confirmation=1
For all our great Project Management articles and resources, please check out the OnlinePMCourses website: https://onlinepmcourses.com/
For basic Management Courses - free training hosted on YouTube, with 2 new management lessons a week, check out our sister channel, Management Courses: http://youtube.com/c/managementcourses
For more of our Project Management videos in themed collections, join our Free Academy of Project Management: https://onlinepmcourses.com/free-academy-of-project-management/
#OpportunityCost #BusinessCase #ProjectManagement
https://wn.com/What_Is_Opportunity_Cost
There's an old saying: ‘Time is money’. It's all about Opportunity Cost.
It means, if you try to save money by doing something yourself, you may be omitting to think about the value of your time. When you are working on that thing, you lose the opportunity to use your time more productively.
That time is the Opportunity Cost.
Opportunity costs represent the benefits an individual or organization misses out on when it chooses one alternative over another.
Application: Business Case and Project Proposal
Opportunity costs are not restricted to money or financial costs
The real cost of any gain you forgo is an opportunity cost.
Examples include:
- lost time
- pleasure
- competitive advantage, or
- any other benefit
Explicit and Implicit Opportunity Costs
- Explicit Opportunity Costs refer to money applied to one objective, which could have an alternative use.
- Implicit Opportunity Costs refer to other resources or assets applied to one objective, which could have an alternative use.
Anything (resource, asset, or time) that you could put to alternative use gives rise to an opportunity cost.
Evaluating Project Options
Project Sponsors, clients, and Project Boards can use opportunity cost to help make informed decisions when they have multiple options before them. Understanding the potential missed opportunities they would forgo by choosing one investment over another allows for better decision-making.
So, this is fundamentally a matter of strategic decision-making, business acumen, and good governance.
Opportunity Cost Formula and Calculation
Opportunity Cost = FO − CO
where:
FO = Return on best foregone option
CO = Return on chosen option
The formula for calculating an opportunity cost is simply the difference between the expected returns of each option. This allows us to compare different options in a business case, or compare a project proposal with alternative proposals - or with doing nothing.
__
Carefully selected video recommendations for you:
- Project Business Case: Write an Effective Project Proposal
... https://youtu.be/teUEA2CCyG8
- How to Estimate Project Costs: A Method for Cost Estimation
... https://youtu.be/YQ2Wi3Jh3X0
- What is Sunk Cost? ...and the Sunk Cost Fallacy?
... https://youtu.be/PubhWnVYkDE
- How to Deliver Effective Project Cost Management
... https://youtu.be/7bXcc7AYajo
- What is Business Acumen?
... https://youtu.be/ChAWdmplhwY
- Project Financial Management - 5 Tips for Good Project Cost Control
... https://youtu.be/1mHaBKAamIU
For more great Project Management videos, please subscribe to this channel: https://www.youtube.com/channel/UCMZfp1_wquyegVY9SoER0Nw?sub_confirmation=1
For all our great Project Management articles and resources, please check out the OnlinePMCourses website: https://onlinepmcourses.com/
For basic Management Courses - free training hosted on YouTube, with 2 new management lessons a week, check out our sister channel, Management Courses: http://youtube.com/c/managementcourses
For more of our Project Management videos in themed collections, join our Free Academy of Project Management: https://onlinepmcourses.com/free-academy-of-project-management/
#OpportunityCost #BusinessCase #ProjectManagement
- published: 16 Jul 2020
- views: 21289