OPPORTUNITY:
A situation that makes something to do possible ,called Opportunity.
A situation that makes something to do possible ,called Opportunity.
Cost:
An monetary expenditure done on a product to gain more from the product , called Cost.
An monetary expenditure done on a product to gain more from the product , called Cost.
By seeing the above definition .we can say that ,
OPPORTUNITY COST:
A situation that makes to do possible things from which we can gain profit ,called opportunity cost.
In simple words,
Opportunity lost called opportunity cost.
For example- A farmer has one field and he has a opportunity to grow rice and wheat .But rice is 40 rupees per kg and wheat is 60 rupees per kg .Then farmer think on it that if i will cultivate wheat and rice the cost incurred will be same, why could not i cultivate wheat ,which makes me rupees 20 per kg profit ,this possible situation makes to a farmer for opportunity cost, and leaved for cultivating rice makes opportunity lost for next opportunity cost.
OPPORTUNITY COST:
A situation that makes to do possible things from which we can gain profit ,called opportunity cost.
In simple words,
Opportunity lost called opportunity cost.
For example- A farmer has one field and he has a opportunity to grow rice and wheat .But rice is 40 rupees per kg and wheat is 60 rupees per kg .Then farmer think on it that if i will cultivate wheat and rice the cost incurred will be same, why could not i cultivate wheat ,which makes me rupees 20 per kg profit ,this possible situation makes to a farmer for opportunity cost, and leaved for cultivating rice makes opportunity lost for next opportunity cost.
