What is opportunity cost in india?

Opportunity cost denotes the benefits missed by an individual, investor, or business while choosing one alternative over another.

What is an example of an opportunity cost in India?

If you pursue an MBA, you have to quit your job and forego two years’ salary, which comes to about Rs 24 lakh. Add the cost of doing your MBA, which comes to Rs 18 lakh, including your living expenses. Therefore, your opportunity cost of going ahead with your MBA is Rs 42 lakh.

What is opportunity cost 11th?

Opportunity Costs are the benefits that an individual, investor or business forego (miss out) , when they choose one alternative over another. Opportunity Cost is the next best alternative, which is foregone, when a particular alternative is chosen.

What is government opportunity cost?

Opportunity cost is the value of something when a particular course of action is chosen. The benefit or value that was given up can refer to decisions in your personal life, in a company, in the economy, in the environment, or on a governmental level.

How does black money leads to price rise?

That is what happens when black money causes inflation. Needless to say, levels of corruption also increase in tandem. Black money is generated through corrupt activities like bribes, and “cuts” paid to officials, hoarding and selling commodities at more than market prices, and tax evasion.

Which cost is known as opportunity cost?

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.

What is opportunity cost 12th?

Opportunity cost of an activity (or good) is equal to the value of the next best alternative foregone. It is the cost of foregone alternative.

What is opportunity cost with Example Class 12?

In other words, the cost of enjoying more of one good in terms of sacrificing the benefit of another good is termed as opportunity cost of the additional unit of the good. Example: We have Rs 15,000 with two choices a) to invest in the shares of a company XYZ or b) to make a fixed deposit which gives interest 9\%.

What are the three examples of opportunity cost?

Examples of Opportunity Cost

• Someone gives up going to see a movie to study for a test in order to get a good grade.
• At the ice cream parlor, you have to choose between rocky road and strawberry.
• A player attends baseball training to be a better player instead of taking a vacation.

What is the Union Budget 2017-18 for India?

Union Budget of India (2017-18) Total non-scheme expenditure expected to be Rs 12.02 lakh crore (US$ 177.6 billion). Expenditure on revenue account is expected to be Rs 18.37 lakh crore (US$ 271.5 billion), or 85.57 per cent of total expenditure.

How many years of budget making are there in India?

Here, we take a look at the last 69 years of budget-making through the lens of environment and development. 1948-1949: The first budget of India covered just 7-1/2 months, from August 15, 1947, to March 31, 1948.

What was the main highlight of the first budget of India?

The main highlight of the first budget was the decision to pass the budget. Partition and the consequent destabilisation were the core factors that determined the budget provisions. The three major expenses in the budget were on food grain production, defence services and civil expenditure.

What is the total capital and development expenditure of railways in India?

Provision has been made of Rs 241,387 crore (US$ 35.7 billion) in 2017-18 for transportation sector as a whole, including, rail, roads and shipping. For 2017-18, the total capital and development expenditure of Railways has been pegged at Rs 1,31,000 crore (US$ 19.4 billion).