Which of the following has the largest impact on opportunity cost?<\/p>\n
a. consumer wants<\/p>\n
b. tight deadlines<\/p>\n
c. limited resources<\/p>\n
d. consumer needs<\/p>\n
Answer: c. limited resources<\/span><\/span><\/strong><\/p>\n This is as an opportunity cost of any choice or decision-making exercise which is the value of the next best option that has been lost. Opportunity cost therefore depends on the availability of resources as the resource available impacts this greatly as this is where scarcity is a major force behind choice and trade-offs. Thus, in conditions when time, money, labour, and materials are limited, the compliment that every person, business, and economy has to make is how on the variety of activities, it has to focus the scarce factors. The basic reason behind the use of opinion cost is that the utilization of resources in a certain activity makes it impossible for them to be used in another activity. Since money and resources are limited and individuals wish to meet as many wants as possible, the concept of opportunity cost is high meaning that even higher valued items are forgone. But consumer wants are the measurable choices that define the priority needs of organisations, time is a factor of constraints and consumer needs can also be utilised as a measure of the wants and needs of organisations; the ultimate scarcity that therefore gives rise to the concept of opportunity cost is the availability of the scarce valuable resources that are incapable of satisfying all the consumer wants and needs at once.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Which of the following has the largest impact on opportunity cost? a. consumer wants b. tight deadlines c. limited resources d. consumer needs Answer: c. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n