Opportunity Cost and Business Decisions | A-Level, IB & BTEC Business

Описание: The concept of opportunity cost is introduced in this video for business students.

Opportunity cost is the cost of missing out on the next best alternative - i.e. the benefits that could have been gained by taking a different business decision.

Try to use the concept of opportunity cost in your exam answers when assessing business decisions.

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VIDEO CHAPTERS
00:00 Introduction
00:11 Consider this choice
01:03 What is opportunity cost?
01:27 Why opportunity cost is important