# Opportunity cost | Human Resource Management homework help

Posted: November 16th, 2021

Every decision has an Opportunity Cost due to the nature of scarcity, there is always a better alternative not chosen, therefore, there is always an opportunity cost. “The opportunity cost of an alternative is what you give up to pursue it” (Froeb, McCann,Shor & Ward, 2016). When you go to a Maroon 5 concert, you give up \$100 of benefits you would have received if you had gone to a Beyoncé concert. Also, you would also avoid \$80 of cost for the Beyoncé concert. According to the definition below, the opportunity cost of seeing Maroon 5 concert is \$100 – \$80 = \$20.  Please delve into the statement there are always opportunity costs.  How can an individual make the best decision?  Is there a best decision?  Would one miss an opportunity not attending one of the concerts? Include a minimum of one reference.

### Expert paper writers are just a few clicks away

Place an order in 3 easy steps. Takes less than 5 mins.

## Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
\$0.00