In short, the opportunity cost of attending college is the cost of tuition, any associated costs, and any income, experience, and pleasure you miss out on because you choose to attend college.

The opportunity cost of a decision can be examined by using a production possibilities graph. The most arttractive alternative that is given up when an economic decision is reached. opportunity cost. The line that shows different production possibilities for an economy.

Opportunity cost is used to describe the value that is given up by choosing an alternative option when faced with choices. An opportunity cost does not necessarily need to be monetary and may describe a sense of loss when forgoing a particular option.

Opportunity costs represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. Because by definition they are unseen, opportunity costs can be easily overlooked if one is not careful.

A player attends baseball training to be a better player instead of taking a vacation. The opportunity cost was the vacation. Jill decides to take the bus to work instead of driving. It takes her 60 minutes to get there on the bus and driving would have been 40, so her opportunity cost is 20 minutes.

When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can’t spend the money on something else.

Opportunity Cost/Per Unit Opportunity Cost This is the value of the next best alternative. We represent this as what we are losing when we change our production combination. For example, moving from A to B on the graph above has an opportunity cost of 10 units of sugar.

The concept of Opportunity Cost helps us to choose the best possible option among all the available options. It helps us to use every possible resource tactfully, efficiently and hence, maximize economic profits.

Benefits. Incurring opportunity costs is not inherently bad, as they do not detract from business decisions; instead, opportunity costs often enhance the decision-making process. Weighing opportunity costs allows the business to make the best possible decision.

This concept of scarcity leads to the idea of opportunity cost. The opportunity cost of an action is what you must give up when you make that choice. Opportunity cost is a direct implication of scarcity. People have to choose between different alternatives when deciding how to spend their money and their time.

In economics, a trade-off is defined as an “opportunity cost.” For example, you might take a day off work to go to a concert, gaining the opportunity of seeing your favorite band, while losing a day’s wages as the cost for that opportunity.

However, there is an important difference between ‘opportunity cost’ and ‘sacrifice’. Opportunity costs are bi-directional. Though both actions have an ‘opportunity cost’, it is not the case that we generally call both actions a ‘sacrifice’.

Individuals face opportunity costs in both economic and non-economic decisions. Every decision we make essentially means giving up other options, which all have a value.

The fundamental economic problem facing all societies is that of scarcity. Scarcity is the condition that results from society not having enough resources to produce all the things people would like to have.

Labor productivity is largely driven by investment in capital, technological progress, and human capital development. Business and government can increase labor productivity of workers by direct investing in or creating incentives for increases in technology and human or physical capital.

The main determinants of labor productivity are physical capital, human capital, and technological change. These can also be viewed as key components of economic growth.

You can measure employee productivity with the labor productivity equation: total output / total input. Let’s say your company generated $80,000 worth of goods or services (output) utilizing 1,500 labor hours (input). To calculate your company’s labor productivity, you would divide 80,000 by 1,500, which equals 53.

V=/pi /times r^2 /times h. When measuring a closed container from the outside, you need to subtract the wall thickness (t) from the radius and the lid/base thickness from the height. The capacity formula then becomes (using a uniform thickness for the base and lid): /text{capacity} = /pi/times(r-t)^2/times (h-2t)

Productivity is measured by comparing the amount of goods and services produced with the inputs which were used in production. Labor productivity is the ratio of the output of goods and services to the labor hours devoted to the production of that output.

Divide the gain or loss by the original price of the investment to calculate the performance expressed as a decimal. In this example, you would divide -$200 by $1,500 to get -0.1333.

Types of Productivity Measures

• Capital Productivity. Capital productivity tells you the ratio of products or services to physical capital.
• Material Productivity. Another ratio is material productivity.
• Labor Productivity.
• Total Factor Productivity.
• Simple Productivity Output.
• 360-Degree Feedback.
• Time Tracking.
• Efficiency.

One of the most widely used measures of productivity is Gross Domestic Product (GDP) per hour worked. This measure captures the use of labour inputs better than just output per employee.

So the job of productivity measurement is to highlight how to get more units of output (goods produced or services rendered) for each unit of input (materials, labor hours, machine time) than your competitors are able to deliver.

8 Factors Affecting Productivity in an Organization

• Man Power: Selection i.e. selection of right man for a specific job Applying well known saying division of labour.
• Equipment and Machines:
• Input Materials:
• Time:
• Floor Area or Space:
• Power or Energy:
• Finance:
• Movement of Man and Materials:

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

The following tips and methods help you use your time in the most productive manner possible:

1. Schedule your work.
2. Use your most productive times of the day for the most important activities.
3. Begin now.
4. Say no to those small projects.
5. Take tiny steps.
6. Organize your life on a week-by-week basis.

TECHNIQUES FOR MAKING YOU MORE PRODUCTIVE AT WORK

• Getting Things Done (GTD)
• The Pomodoro Technique.
• Focus Time.
• Priority Matrix.
• Ivy Lee Method.
• Seinfeld Technique.
• Jay Shirley Technique.
• Marc Andreessen Technique.

1. 15 Ways to Increase Productivity at Work. Every minute of your life is gold.
2. Track and limit how much time you’re spending on tasks.
3. Take regular breaks.
4. Set self-imposed deadlines.
5. Follow the “two-minute rule.”
6. Just say no to meetings.
7. Hold standing meetings.
8. Quit multitasking.