Decision-making and Opportunity cost

Shortcuts: Differences, Similarities, Jaccard Similarity Coefficient, References.

Difference between Decision-making and Opportunity cost

Decision-making vs. Opportunity cost

In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities. In microeconomic theory, the opportunity cost, also known as alternative cost, is the value (not a benefit) of the choice in terms of the best alternative while making a decision.

Similarities between Decision-making and Opportunity cost

Decision-making and Opportunity cost have 4 things in common (in Unionpedia): Benjamin Franklin, Economics, Springer Science+Business Media, Utility.

Benjamin Franklin

Benjamin Franklin (April 17, 1790) was an American polymath and one of the Founding Fathers of the United States.

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Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services.

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Springer Science+Business Media

Springer Science+Business Media or Springer, part of Springer Nature since 2015, is a global publishing company that publishes books, e-books and peer-reviewed journals in science, humanities, technical and medical (STM) publishing.

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Utility

Within economics the concept of utility is used to model worth or value, but its usage has evolved significantly over time.

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The list above answers the following questions

What Decision-making and Opportunity cost have in common
What are the similarities between Decision-making and Opportunity cost

Decision-making and Opportunity cost Comparison

Decision-making has 193 relations, while Opportunity cost has 30. As they have in common 4, the Jaccard index is 1.79% = 4 / (193 + 30).

References

This article shows the relationship between Decision-making and Opportunity cost. To access each article from which the information was extracted, please visit:

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