Define Opportunity Cost

question 35

Essay

Define opportunity cost.A student who has just graduated from college has three job offers: the first job pays $35,000 a year,the second job pays $23,000 a year,and the third one pays $15,000 a year.What is the student's opportunity cost of taking the first job?

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Definitions:

Critical Stakeholders

Individuals or groups with significant influence or interest in the outcome of a project, policy, or decision, and whose support is crucial for success.

Informal Meetings

Gatherings characterized by a lack of structured agenda, allowing for spontaneous discussion and interactions among participants.

Stakeholders

Individuals or groups with an interest or concern in the success or outcomes of a project, organization, or system, often because they are directly affected by its performance.