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Cost Accounting Assignment Help, Social benefit cost analysis, Define the concept of opportunity cost in your own words. Given an example from your own life of the opportunity cost of a decision (do NOT use classroom examples). Explain why opportunity costs rather than "out of pocket" costs are the appropriate
ABSTRACT: Successful watershed management requires consideration of multiple objectives and the efficient use of scarce public and private resources. One way to address these multi-faceted issues is through Social Benefit-Cost Accounting (SBCA). SBCA is a systematic method of addressing complex social and economic issues relevant to proposed watershed management projects. Benefits of using this technique include: benefits and costs of watershed projects are better understood; politically sensitive issues tend to be put into perspective; and stakeholders' interests are placed on a level playing field.