PAHAM BIAYA PELUANG ATAU OPPORTUNITY COST DALAM 9 MENITAN!

Summary

In this video, the host explains the concept of opportunity cost, breaking it down with relatable examples. Through a scenario involving a machine that can either be used for production or rented out, viewers learn how opportunity cost represents the value of the alternative that is forgone. The video also touches on the difference between accounting and economic profits, emphasizing the importance of considering both explicit and implicit costs. Using a job choice example, the host illustrates how to calculate opportunity cost in real-world decisions, leaving viewers with practical tips for making better choices.

Takeaways

• 😀 Opportunity cost refers to the value of the next best option you give up when making a choice.
• 😀 When you choose one option, you lose out on the potential benefits of another. This loss is the opportunity cost.
• 😀 A practical example of opportunity cost is choosing whether to use a machine for production or rent it out. The rent you forgo is the opportunity cost.
• 😀 Opportunity cost can be in the form of money (like the rent you miss out on) or other lost benefits from the chosen option.
• 😀 Costs in economics are split into explicit (real and visible) costs, and implicit (hidden and non-visible) costs.
• 😀 Implicit costs, like the opportunity cost of not renting out a machine, are an important part of economic profit calculations.
• 😀 Economic profit takes both explicit and implicit costs into account, while accounting profit only considers explicit costs.
• 😀 When comparing job offers, the opportunity cost of choosing one job is the salary you give up from not choosing the other job.
• 😀 The opportunity cost of Abdul choosing a job with a 5 million rupiah salary is the 7 million rupiah he could have earned at another job.
• 😀 In cases with more than two options, the opportunity cost is the highest value you give up by not choosing the best alternative.

Q & A

What is opportunity cost in economics?

Opportunity cost refers to the value or potential lost when one option is chosen over another. It's the cost of forgoing the next best alternative when making a decision.

How does the machine example illustrate opportunity cost?

In the machine example, you can either use the machine for production or rent it out. If you choose production, the opportunity cost is the rental income you forgo, which is one million rupiah per month.

What is the difference between explicit and implicit costs?

Explicit costs are direct, observable costs like electricity or labor, while implicit costs are indirect or non-visible costs, such as the opportunity cost of not renting the machine.

How is economic profit different from accounting profit?

Economic profit takes into account both explicit and implicit costs, which include opportunity costs, making it typically lower than accounting profit. Accounting profit only considers explicit costs.

Why is economic profit usually less than accounting profit?

Economic profit is less because it includes implicit costs, such as opportunity costs, which accounting profit does not consider.

What is the opportunity cost in the example of Abdul choosing between two job offers?

The opportunity cost for Abdul is the salary he forgoes by not choosing the alternative job offer. If he chooses PT A with a 5 million salary, the opportunity cost is 7 million, the salary he could have earned at PT B.

How is opportunity cost calculated when there are more than two options?

When there are multiple options, the opportunity cost is the highest value of the alternatives that were not chosen. For example, if there are three job offers, the opportunity cost would be the salary of the highest-paying offer that was not selected.

What does implicit cost refer to?

Implicit cost refers to the non-visible or indirect costs, such as the opportunity cost of not choosing an alternative option. It is the value of what you give up when you make a choice.

How does opportunity cost relate to decision-making in economics?

Opportunity cost plays a crucial role in decision-making, as it helps individuals and businesses weigh the potential benefits of different options and make more informed choices by considering the value of what is forgone.

Can opportunity cost be measured in monetary terms only?

No, opportunity cost can be measured in various forms, not just money. It can also include time, resources, or other non-monetary factors that are sacrificed when a decision is made.