Describe the Factors That Need to Be Addressed When Starting

question 29

Essay

Describe the factors that need to be addressed when starting a private practice.

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Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision.

Alternative Use

Alternative use pertains to the different ways in which an asset or resource can be utilized apart from its current or primary purpose.

Cash

Money in the form of coins or banknotes, especially that held to conduct day-to-day transactions.

Opportunity Cost

The benefit that is missed or given up when an investor, individual, or business chooses one alternative over another.