Some Major Elements Of Economics Described By Professional Economics Assignment Helpers (1)
                     SOME MAJOR ELEMENTS OF 
ECONOMICS DESCRIBED BY 
PROFESSIONAL ECONOMICS 
ASSIGNMENT HELPERS
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.
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.
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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