Examlex
The two categories of cost comprising conversion costs are
Opportunity Cost
The cost of foregoing the next best alternative when making a decision or choice.
Ticket Price
The cost charged for admission to an event or access to a service.
Value Of Time
The economic worth assigned to time, reflecting what is foregone in engaging in a particular activity versus alternative uses.
Scarce Resources
Economic concept describing materials or services in limited availability relative to desired uses, necessitating allocation.
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