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:

Utilization Review

A health care quality assurance activity that assesses the necessity, appropriateness, and efficiency of the use of health care services, procedures, and facilities.

Managed Care

A healthcare system that integrates the delivery and financing of healthcare services to improve quality and control costs.

Therapeutic Intervention

Any action taken by therapists or counselors designed to help clients solve problems, overcome challenges, or achieve improvement in their mental health, behavior, or emotional well-being.

Confidential Information

Sensitive information not to be disclosed to unauthorized individuals, to protect privacy or proprietary interests.