Tuesday, August 11, 2015
opportunity cost
In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone, where a choice needs to be made between several mutually exclusive alternatives given limited resources. Assuming the best choice is made, it is the "cost" incurred by not enjoying the benefit that would be had by taking the second best choice available.[1] The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen". Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice".[2] The notion of opportunity cost plays a crucial part in ensuring that scarce resources are used efficiently.[3] Thus, opportunity costs are not restricted to monetary or financial costs: the real cost of output forgone, lost time, pleasure or any other benefit that provides utilityshould also be considered opportunity costs.
https://en.wikipedia.org/wiki/Opportunity_cost
https://en.wikipedia.org/wiki/Opportunity_cost
Pro-tem speaker
Pro-tem speaker is mainly an operating and temporary speaker. To conduct the works in the centre or in state legislatives, pro-tem speaker is appointed for a limited time period. Generally in such a condition when the Lok Sabha and Legislative Assemblies have been elected, but the vote for the speaker and deputy speaker has not taken place, the pro-tem speaker is chosen. Pro-tem speaker is chosen with the agreement of the members of the Lok Sabha and legislative assembly, so that he can carry on the activities till the permanent speaker is not chosen.
In many a situations, both the speaker and the deputy speaker posts in the House may lie vacant, (death, resignation etc.) then the tasks in the House are undertaken under the pro-tem speaker. The powers regarding the pro-tem speaker are not clarified. But this much is clear that pro-tem speaker does not have as much power as the permanent speaker has. Pro-tem speaker's duty is to conduct the works in the House properly keeping certain aims before for a limited period of time till the permanent speaker is chosen.
In many a situations, both the speaker and the deputy speaker posts in the House may lie vacant, (death, resignation etc.) then the tasks in the House are undertaken under the pro-tem speaker. The powers regarding the pro-tem speaker are not clarified. But this much is clear that pro-tem speaker does not have as much power as the permanent speaker has. Pro-tem speaker's duty is to conduct the works in the House properly keeping certain aims before for a limited period of time till the permanent speaker is chosen.
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