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What are opportunity costs in business?

An example of an AI chatbot conversation about opportunity costs in business.

😀
You

What are opportunity costs in business?

MagicBuddy
MagicBuddy

Opportunity costs refer to the potential benefits you miss out on when choosing one option over another in business.

😀
You

Can you give me an example of opportunity costs?

MagicBuddy
MagicBuddy

Sure! If a company decides to invest in new machinery instead of marketing, the opportunity cost is the potential sales they could have gained from the marketing.

😀
You

How do opportunity costs affect decision-making?

MagicBuddy
MagicBuddy

They help businesses evaluate the relative worth of different choices, ensuring resources are allocated efficiently.

😀
You

Are opportunity costs always monetary?

MagicBuddy
MagicBuddy

Not necessarily! They can also include time, resources, and other non-monetary factors.

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