Identify Opportunity Costs

Identify Opportunity Costs Unlike most costs discussed in economics, an opportunity cost doesnt necessarily involve money. The opportunity cost of any action is simply the next best alternative to that action: What you would have done if you didnt make the choice that you made? The notion of opportunity cost is critical to the idea that the true cost of anything is the sum of all the things that you have to give up. Opportunity cost  considers only the next best  alternative to an action, not the entire set of alternatives, and takes into account all of the differences between the two choices. We  actually deal  with the concept of opportunity cost every day. For example, options for a day off work might include going to the movies, staying home to watch a baseball game, or going out to coffee with friends. Choosing to go to the movies means the opportunity cost of that action is the second choice. Explicit Versus Implicit Opportunity Costs Generally, making choices includes two types of cost: explicit and implicit. Explicit costs are monetary expenses, while implicit costs are intangible and therefore hard to account for. In some cases, such as weekend plans, the notion of opportunity cost includes only these forgone alternatives or implicit costs. But in others, such as a businesss profit maximization, opportunity cost refers to the difference in the  total of this type of implicit cost and the more typical explicit monetary cost between the first choice and the next best alternative. Analyzing Opportunity Costs The concept of opportunity cost is particularly important because, in economics, almost all business costs include some quantification of opportunity cost. To make decisions, we must consider benefits and costs, and we often do this through marginal analysis. Firms maximize profits by weighing marginal revenue against marginal cost. What will make the most money when considering the operating costs?  The opportunity cost of an investment would involve the difference between the return on the chosen investment and the return on the other investment. Likewise, individuals weigh personal opportunity costs in everyday life, and these often include as many implicit costs as explicit. For example, weighing job offers  includes  analyzing more perks than just wages. A higher-paying job isnt always the chosen option because when you factor in benefits like health care, time off, location, work duties, and happiness, a lower-paying job might be a better fit. In this scenario, the difference in wages would be part of the opportunity cost, but not all of it. Likewise, working additional hours at a job offers more in wages earned but comes at the expense of more time to do things outside of work, which is an opportunity cost of employment.

Meaning and Origin of the Surname Roberts

Meaning and Origin of the Surname Roberts A patronymic surname translating to son of Robert, from the Welsh given name Robert, meaning bright fame. The surname is derived from the Germanic elements hrod meaning fame and beraht meaning bright. The origin of the name Roberts is  Welsh and  German and is the 45th most popular surname in the United States as well as the sixth most common surname in Wales. Quick Facts The nickname for Robert is typically Bob or Bobby while the feminine form is often Roberta or Bobbi.The Normans historically introduced the surname Roberts to Britain allowing it to be popular in places like England, Wales and Ireland.Roberts can also be attributed to the Italian root connected to Rupert and is connected to Flanders by the names Rops and Rubbens.The popular fictional character and childrens toy doll, Barbie, is also known by her full name as Barbara Millicent Roberts. Alternate Surname Spellings RobertRobartsRobinsRobartRopartzRobbertsRopertRuppert Famous People Julia Roberts:  American actress popular for films Pretty Woman, Steel Magnolias, and Erin Brockovich. She is one of the highest-paid actors in Hollywood.Rick Ross:  His real name is William Leonard Roberts II. Rick Ross is a rapper and label boss who was first signed to P. Diddys Ciroc Entertainment.Doris Roberts:  Famous television actress known for her role in the popular series Everbody Loves Raymond. She had also been on Desperate Housewives, Greys Anatomy and other TV shows. Genealogy Resources 100 Most Common U.S. Surnames Their MeaningsSmith, Johnson, Williams, Jones, Brown... Are you one of the millions of Americans sporting one of these top 100 common last names from the 2000 census?Roberts Family Genealogy ForumSearch this popular genealogy forum for the Roberts surname to find others who might be researching your ancestors, or post your own Roberts query.FamilySearch - Roberts GenealogyFind records, queries, and lineage-linked family trees posted for the Roberts surname and its variations.Roberts Surname Family Mailing ListsRootsWeb hosts several free mailing lists for researchers of the Roberts surname.Cousin Connect - Roberts Genealogy QueriesRead or post genealogy queries for the surname Roberts, and sign up for free notification when new Roberts queries are added.DistantCousin.com - Roberts Genealogy Family HistoryFree databases and genealogy links for the last name Roberts. Check out the resource First Name Meanings to discover the meaning of a given name.  Suggest a surname  be added to the Glossary of Surname Meanings and Origins if you are unable to find your last name listed. Source Cottle, Basil. Penguin Dictionary of Surnames. Baltimore, MD: Penguin Books, 1967. Menk, Lars. A Dictionary of German-Jewish Surnames. Avotaynu, 2005. Beider, Alexander. A Dictionary of Jewish Surnames from Galicia. Avotaynu, 2004. Hanks, Patrick, and Flavia Hodges. A Dictionary of Surnames. Oxford University Press, 1989. Hanks, Patrick. Dictionary of American Family Names. Oxford University Press, 2003. Smith, Elsdon C. American Surnames. Genealogical Publishing Company, 1997.