What are "competing needs" and "opportunity costs"?

Question

anyone have a defnition for them?

Answer 1

Competing needs are needs that take from your limited resources, thus competing for these resources such as money and time. For example, you have 25,000 and need to buy a car and redo the kitchen. You can afford only one or the other. The car and the kitchen are competing needs.

Opportunity costs are costs that do not necessarily require you to lay out cash but that prevent you from enjoying the benefits of another investment. To stay with the above example, if you get the kitchen and not the new car, the opportunity cost of this decision is that you will not have the pleasure of driving a new car. This decision can also lead to actual cash costs such as higher repairs for keeping the old car.

Answer 2

Competing needs are the LUST u find in your mind.

Opportunity costs are different as below

Monetary Loss

Unwanted KIDS

VDRL

STD

AIDS

HIV

Burnt Feelings

Answer 3

Opportunity cost: the cost you pay for missing out on an opportunity.