Opportunity Cost Can Best Be Defined as the

question 177

Multiple Choice

Opportunity cost can best be defined as the

• A)value of what must be given up in order to acquire an item.
• B)money cost to the buyer to acquire a good or service.
• C)total value of all the other items that otherwise could be acquired.
• D)cost to the seller to produce an item.
• E)time cost to obtain the money to buy an item.

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Definitions:

Corrective Action

Measures taken to rectify a problem, error, or deviation from a desired standard or performance.

Control

In management, the process of regulating organizational activities so that actual performance conforms to expected standards and objectives.

Plan of Action

outlines the specific steps or strategies that an individual or organization intends to take to achieve a particular goal or objective.

Foresight

The ability to predict or plan for future events with thoughtful consideration of possible developments and scenarios.