In 100 words or more reply to the statement below about opportunity costs
According to the text opportunity cost is a benefit forgone due to the company’s selection of a particular project.. This to me would be a every day to week discussion for me if I owned a business. I say this because to you need to know how your actions will effect the company. The opportunities rage from time, money, equipment, manpower and even skill sets of your employees. Weighing opportunity costs allows the business to make the best possible decision. For example a company determines an alternative choice’s opportunity cost is greater than what the company gains from its initial decision, the company can change its mind and pursue the alternative choice.