Some Major Elements Of Economics Described By Professional Economics A

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SOME MAJOR ELEMENTS OF ECONOMICS DESCRIBED BY PROFESSIONAL ECONOMICS ASSIGNMENT HELPERS

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What is opportunity cost? Sometimes while choosing one alternative and leaving the other individual, business and investors skip other benefits and that benefit is represented by the opportunity cost. The opportunity cost is not reflected in financial reports of the firm but the owners of the business can use it to take correct decisions when they have numerous options.

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What are the incentives? Incentive means anything that motivates employees and grabs their attention to work effectively and gives their best. The prime aim of incentives is to improve the whole performance of a business. It can be classified into direct and indirect compensation.

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What is meant by property rights? Property rights show legal and theoretical ownership of resources and their use. These resources can be tangible as well as intangible and it can be owned by governments, businesses, and individuals. In many countries, individuals hold private property rights or the right to private persons to hold, delegate, accumulate, sell or rent the property.

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