The Difference between Opportunity Cost and Monetary Cost
Both managers and companies have to make economic decisions that are sustainable in terms of expenditure and income. Besides, the knowledge of economics suggests that managers must operate businesses within the limits of scarce resources in order to achieve developments and success. In this manner, considering both opportunity and monetary...
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Understanding Opportunity Cost
Opportunity cost is an important tool for business owners, because it helps them determine whether a decision makes sense from a financial perspective. Whether you’re financing your startup, choosing to sell a product or choosing between hiring employees, calculating opportunity cost will help you decide which choices make the most...
Words: 509
Pages: 2
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