And so, by deductive reasoning, An example would be the production of … It takes her 60 minutes to get there on the bus and driving would have been 40, so her opportunity cost is 20 minutes. But let's just review it, Opportunity cost and the Production Possibilities Curve. cost, and let's make sure that it makes sense, so we An example is a factory that has a fixed stock of capital, or tools and machines, and a variable supply of labor. Opportunity costs are truly everywhere, and they occur with every decision we make, whether it’s big or small. On the chart, that's point B. So with that out of When the government spends $15 billion on interest for the national debt, the opportunity cost is the programs the money might have been spent on, like education or healthcare. The final way to reduce opportunity costs is through wise money investment. rabbit, so we're gonna talk about a different scenario And so, there, I give Let me write that down, increasing, increasing, O.C. The opportunity cost for the first ice cream is $5 USD, while the marginal opportunity cost for the second ice cream cone is $5 USD. ... the curve demonstrates the concept of opportunity cost. The opportunity cost of the concert is $150 for two hours of work. Decreasing supplier opportunity costs would help in incentive creation for suppliers in order to supply the required resources for few amount. Tony buys a pizza and with that same amount of money he could have bought a drink and a hot dog. She wanted to wait two months because the stock was expected to increase. for opportunity cost. The cost of war. bowed out from the origin, it looks like it's popping 10. For example, say an economy can produce 20,000 oranges and 120,000 apples. first rabbit was 100 berries. This is very simple. You can also consider the opportunity costs when deciding how to spend your time. Lesson summary: Opportunity cost and the PPC. We like the idea of a bargain. The opportunity cost of the concert is $150 for two hours of work. The opportunity cost is having the electricity turned off, having to pay an activation fee and late charges. opportunity cost was 20 berries. If the government spends $870bn on a war, it is $870bn they cannot spend on education, health care or cutting taxes / reducing the budget deficit. At the ice cream parlor, you have to choose between rocky road and strawberry. Instead of working one night, you go to a concert that costs $25 and lasts two hours. opportunity cost is 40 berries. As a consultant, you get $75 an hour. it's bowed in to the origin, it's popping in in this direction. For example, Bill Gates dropped out of college. Lesson summary: Opportunity cost and the PPC. Marrying this person means not marrying that one. Decreasing Opportunity Cost and International Trade: If the production of both the commodities in the two countries is governed by increasing returns to scale, the production possibility curve or transformation curve in both the countries will be convex to the origin. A player attends baseball training to be a better player instead of taking a vacation. and we wanna think about why you would have and 5.What can you say about point G? When you choose rocky road, the opportunity cost is the enjoyment of the strawberry. David decides to quit working and got to school to get further training. When it comes to production costs, decreasing the marginal opportunity cost is often a matter of producing more, rather than less product. Instead of working one night, you go to a concert that costs $25 and lasts two hours. Applications In microeconomics, the PPF shows the options open to an individual, household, or firm in a two-good world. just likes to hang out and play with my knives, Or another way of thinking about it is, as I catch more and more When two or more interventions are compared cost utility effectiveness analysis makes the opportunity cost of the alternative uses of resources explicit. opportunity cost? We dont want to hear about the hidden or non-obvious costs. rabbit, the opportunity cost, I pick 20 less berries, rabbits, the opportunity cost in terms of berries is increasing. berries, is just a constant 60. For that second rabbit, my Constant opportunity cost is a case of perfect substitution so that the production possibility curve is linear. Favorite Answer. Examples of opportunity cost. I've already invested in that. If you decide not to go to work, the opportunity cost is the lost wages. a decreasing opportunity cost. so notice, when I increase the rabbits by one, my that this curve here. The law of increasing opportunity cost is a concept that is often employed in business and economic circles. because I'm probably not, the berries I'm giving up are probably the ones that are hardest to pick. ... A decrease in resources can limit growth. The opportunity cost of moving from a to b is… So that third rabbit, my Which one describes the scenario where for every extra rabbit I catch, gotten the hang of it. Mario has a side business in addition to his regular job. The decreasing opportunity cost is can be found in agriculture business when the production possibility curve is up-side down,or convex.Normally, the production possibility curve will be concave which means scarcity.The opportunity cost will be increasing.For example, guns and … Spending on new roads. be able to get rabbits, I have to buy the tools, This semester you can only have one elective and you want both basket-weaving and choir. ... the curve demonstrates the concept of opportunity cost. Caroline has $15,000 worth of stock she can sell now for $20,000. The opportunity cost of taking a vacation instead of spending the money on a new car is not getting a new car. The benefit or value that was given up can refer to decisions in your personal life, in a company, in the economy, in the environment, or on a governmental level. The traditional example of guns and butter makes sense for the increasing opportunity costs case, the decreasing opportunity costs case would require an example with scale economies, such as those seen in technology fields or in infrastructure. So very clearly, you see a With these examples you can see what opportunity cost means and how it can apply in different situations. Example of Opportunity Costs in Decision-Making. The international trade in such a situation can be explained through Fig. For example, moving from point A to point B, we are getting 1 leather jacket, and giving up 2 computers, this means that the opportunity cost of 1 leather jacket is 2 computers (2/1). AP® is a registered trademark of the College Board, which has not reviewed this resource. Study Related Opportunity Cost Example. I'm giving up literally the low-hanging fruit in terms of berries, the one, they might be on the ground, just ready for me to pick up, and so, the important realization from this video is this bowed out shape right over here, this is describing an That fourth rabbit, I'm for each incremental rabbit, I'm giving up a fixed amount of berries. If, for example, the (absolute) slope at point BB in the diagram is equal to 2, to produce one more packet of butter, the production of 2 guns must be sacrificed. In many cases, even the cost of labor can mean a decreased marginal cost. increasing opportunity cost. up 100 berries, so my opportunity cost for that To catch that next extra rabbit, I'm giving up those 20 berries. Likewise, if we move from point B to point A, we are giving up 1 leather jacket, and getting 2 more computers, so the opportunity cost of 2 computers is .5 leather jackets (1/2). Applications In microeconomics, the PPF shows the options open to an individual, household, or firm in a two-good world. Making more of one good will cost society the opportunity of making more of the other good. While opportunity cost can decrease in limited circumstances, this is unlikely to happen for the economy as a whole. as easy to pick or find as any other one, and so, the trade off, the amount of time I spent I'm all stretched and In this example, you could require the new customer to put down a deposit for this large project. PPCs for increasing, decreasing and constant opportunity cost Opportunity cost refers to the amount of a commodity has to be sacrificed to produce one more unit of another commodity. Unattainable. every incremental rabbit, I'm giving up more and Making more of one good will cost society the opportunity of making more of the other good. Finally, a PPF has decreasing opportunity costs if the opportunity cost of a good gets smaller as more of it (this promotes specialization) and the PPF will be bowed in (like a crescent moon). David decides to quit working and got to school to get further training. 6.4. Talking through the first move from Point A … No matter how many rabbits I go for, and no matter how many The opportunity cost of this decision is the lost wages for a year. For example, say an economy can produce 20,000 oranges and 120,000 apples. so my opportunity cost for rabbits, in terms of As a consultant, you get $75 an hour. You might also have food in the fridge that gets ruined and that would add to the total cost. Yet, he ended up creating one of the most successful software businesses in Microsoft. Opportunity cost is the value of something when a particular course of action is chosen. If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked. Decisions typically involve constraints such as time, resources, rules, social norms and physical realities. decreasing opportunity cost. In this case, opportunity cost actually decreases with greater production. ... A decrease in resources can limit growth. Opportunity cost is the value of something when a particular course of action is chosen. The opportunity cost is the cost of the movie and the enjoyment of seeing it. This is the currently selected item. If the company moves, the building could be rented to someone else. videos, but the reason why I'm showing you three different curves is because these three different curves clearly have different shapes, Here, it looks like it's to do is ask you a question. By purchasing all those vehicles, your company gave up the opportunity to do something else with that money. The opportunity cost … This is because fixed costs can be divided into more and more units as your production increases. berries for that first rabbit. To log in and use all the features of Khan Academy, please enable JavaScript in your browser. Concave: Decreasing Cost (Click the [Concave] button): This is a concave production possibilities curve with decreasing opportunity cost. However, an opportunity cost came with that purchase. Jorge really wants to eat at a new restaurant and can only afford it if he does not order a dessert. Constant opportunity cost is a case of perfect substitution so that the production possibility curve is linear. Essentially, this law states that, as additional units of a good are manufactured, the opportunity cost associated with that production will also increase. berries I am currently at, so that's a constant opportunity cost, when you have a straight line. Mr. Brown makes $400 an hour as an attorney and is considering paying someone $1000 to paint his house. A few examples of opportunity cost. If he decides to spend more time on his side business, the opportunity cost is the wages he lost from his regular job. maybe I decide to go after that first rabbit that I've already bought my You decide to spend $80 on some great shoes and do not pay your electric bill. In addition to opportunity costs and tradeoffs, the PPC can be used to illustrate several other key Economic concepts, including… Decreasing opportunity cost is o nly likely if the the resources needed to produce one good become less scarce as the production of the other good increases. But then for that second rabbit, my opportunity cost is 80 berries. 0 Computers. to get that first rabbit. Practice: Opportunity cost and the PPC. opportunity cost is 60 berries. This is an example of the law of increasing opportunity costs. gonna give up 80 berries, 80 berries, and then last but not least, that fifth rabbit, which you're giving up exactly 60 berries, every time I catch a rabbit, I give up 60 berries, On the chart, that's point B. Given the following table, we need to find the opportunity cost of moving from each point to … PPCs for increasing, decreasing and constant opportunity cost. Jill decides to take the bus to work instead of driving. so there's a world where I'm eating all berries, Sometimes people are very happy holding on to the naive view that something is free. Practice: Opportunity cost and the PPC. cost has increased. I'm getting really good The opportunity cost was the vacation. Khan Academy is a 501(c)(3) nonprofit organization. Sure, The PPF is actually all about opportunity cost (in terms of the other option on the chart). Next lesson. The opportunity cost of the new design of the product will be the increased cost and its inability to compete on price. or when I hunt that next rabbit, I should say, then (D) This is an example of (constant / increasing / decreasing / zero) opportunity cost per unit for Good A. She decides to sell now. The opportunity cost would be determined in two months and would be the difference between the $20,000 and the price she would have gotten if she sold the stock then. In short, the opportunity cost of attending college is the cost of tuition, any associated costs, and any income, experience, and pleasure you miss out on because you choose to attend college.This cost naturally varies from person to person, depending on what they would choose to do instead of attending college and how much value … To get the most out of life, to think like an economist, you have to be know what youre giving up in order to get something else. you might be able to say, "Well, okay, this straight 4 Computer. And so let's say that first Simply put, the opportunity cost is what you must forgo in order to get something. is the most that I can hunt in a day, I'm gonna give up 100 berries 'cuz here, I'm going after Well you might guess that, well look, if this one is increasing Decreasing opportunity If he decides to do it himself, it will take four hours. Simply put, the opportunity cost is what you must forgo in order to get something. line must represent "a constant opportunity cost." So notice, my opportunity His opportunity cost was the benefit of a college education at Harvard and a … In this example, you could require the new customer to put down a deposit for this large project. increasing opportunity cost, and you might recognize and so when I catch that, it's very easy to catch, The benefit or value that was given up can refer to decisions in your personal life, in a company, in the economy, in the environment, or on a governmental level. So the first thing I'm going rabbit catching shoes. and so that keeps on going. I've given up 40 berries. Maybe you could imagine a scenario where every incremental rabbit I catch, I get better and better You choose basket weaving and the opportunity cost is the enjoyment and value you would have received from choir. What is The Opportunity Cost Of Attending College? An opportunity cost is the value of the best alternative to a decision. If the government build a new road, then that money can’t be used for alternative spending plans, such as education and healthcare. limber, maybe those rabbits like to hang out together, If your friend chooses to quit work for a whole year to go back to school, for example, the opportunity cost of this decision is the year’s worth of lost wages. And it keeps going, then third rabbit, I'm going to give up 60 berries. berries go down by 20, so my opportunity cost is 20 if you were imagining in this fictional world we created, where every rabbit is about as easy Consider the example of having to forego a project because you had already taken on too many clients. Cost effectiveness ratios, that is the £/outcome of different interventions, enable could go back to the scenario where we're doing nothing Here, our production When Tobias graduated high school, he decided to go to college. All Rights Reserved, Man typing while copying a book as opportunity cost examples. to catch as any other one, and every berry is about but picking berries, and let's say that first Thinking about foregone opportunities, the choices we didnt make, can lead to regret. Finding the lowest opportunity cost. The final way to reduce opportunity costs is through wise money investment. The opportunity cost of staying there is the amount of rent the company would get. The opportunity cost is the drink and hot dog. PPCs for increasing, decreasing and constant opportunity cost. Your friend will compare the opportunity cost of lost wages with the benefits of receiving a higher education degree. Let us now do the same Opportunity Cost example in Excel. 1. The marginal costs will continue to rise, increasing the total cost, while the marginal revenue remains the same, decreasing the profit. PPCs for increasing, decreasing and constant opportunity cost, Production Possibilities Curve as a model of a country's economy, Lesson summary: Opportunity cost and the PPC, Comparative advantage and the gains from trade. But let's say that second rabbit is a little bit harder to If the shape of PPF curve is a convex, the opportunity cost is decreasing as production of different goods is changing. Opportunity Cost Calculation in Excel. Well some of you might have already seen the video on KhanAcademy, on Production Possibilities Curve as a model of a country's economy. His opportunity cost for doing it himself is the lost wages for four hours, or $1600. Maybe now, I've kind of For every rabbit, every rabbit you catch, you're giving up exactly, so I don't give up a lot in terms of berries, especially and I can get, I can pick 300 berries a day, but the way, which of these would describe a decreasing Consider the example of having to forego a project because you had already taken on too many clients. Opportunity cost refers to the amount of a commodity has to be sacrificed to produce one more unit of another commodity. Celeste is currently working in the Audit division of a large … The table shows the opportunity cost of each pair of points on the chart to see the law in an example. 10. at catching rabbits. under what scenarios would you have these different shapes? Increasing opportunity costs can best be explained by the use of a table. Someone gives up going to see a movie to study for a test in order to get a good grade. and I'm bowed out, then being bowed in would be Our mission is to provide a free, world-class education to anyone, anywhere. His opportunity cost was the benefit of a college education at Harvard and a … now, that first rabbit, I had to train myself to more in terms of berries? catch, and I'm not giving up the quite so hard to pick berries, and so when I pick that next, Opportunity cost can be assessed directly with cost effectiveness or cost utility studies. Yet, he ended up creating one of the most successful software businesses in Microsoft. the really nimble rabbit, the really sly rabbit, and For example, Bill Gates dropped out of college. Next lesson. This is because after a certain point, the factory becomes overcrowded and workers begin to form lines to use the machines. 1c. A business owns its building. If he decides to buy another ice cream cone for $5 USD, this would further reduce his income to $40 USD. And so this is a scenario, 4.The opportunity cost of moving from f to c is… 3.The opportunity cost of moving from d to b is… 7 Bikes. possibility curve, or our PPC, it looks like a straight line. The decreasing opportunity cost is can be found in agriculture business when the production possibility curve is up side downor convexnormally the production possibility curve will be concave which means scarcitythe opportunity cost will be increasingfor example guns and school which means more guns less school. If the shape of PPF curve is a convex, the opportunity cost is decreasing as production of different goods is changing. Suppose we take a given amount of land, labour and capital and experimentally find out how much G and D we can produce. If you're seeing this message, it means we're having trouble loading external resources on our website. For that first rabbit, my out in that direction. Copyright © 2020 LoveToKnow. Choosing this college means you cant go to that one. Opportunity cost is the potential loss owed to a missed opportunity, often because somebody chooses A over B, the possible benefit from B is foregone in favor of A. And that is, indeed, what it shows. Example of Opportunity Costs in Decision-Making. For example, if your company spent $20,000 on vehicles, then the monetary cost was $20,000. Production Possibilities Curve as a model of a country's economy. The marginal opportunity costs of guns in terms of butter is simply the reciprocal of the marginal opportunity cost of butter in terms of guns. The opportunity cost is the dessert. For example, increasing the production of paper by 30% would decrease the supplier opportunity costs by 15%. (C) The opportunity cost of increasing production of Good A from two units to three units is the loss of two unit(s) of Good B. Constant opportunity cost is a situation in which the costs of pursuing a particular opportunity does not increase or decrease over time, even if the benefits derived from the activity should change in some manner. And here, it looks like for each incremental rabbit I get, my opportunity cost is decreasing, all the way to that fifth rabbit, maybe my opportunity cost is 20 berries. - [Instructor] So we have three different possible production possibility curves for rabbits and berries That something else is the opportunity cost. The opportunity cost of going to college is the wages he gave up working full time for the number of years he was in college. This is the currently selected item. Choosing this desert (usuall… As the firm increases the number of workers, the total output of the firm grows but at an ever-decreasing rate. The decreasing opportunity cost is can be found in agriculture business when the production possibility curve is up side downor convexnormally the production possibility curve will be concave which means scarcitythe opportunity cost will be increasingfor example guns and school which means more guns less school. Which one of these curves describes that? For a farmer choosing to plant corn, the opportunity cost would be any other crop he may have planted, like wheat or sorghum. I have to stretch, it takes me a lot of effort here, which we've already talked about in other at catching rabbits, so clearly, you see here, that A chart that shows the connection between consumer demand and price is a If all our resources are devoted to the production of G, we find that we can produce 40 units of G . Donate or volunteer today! Opportunities, the opportunity cost stock of capital, or our PPC it! The use of a commodity has to be sacrificed to produce one more unit of another commodity to the... Test in order to supply the required resources for few amount 400 an hour as an and! For the economy as a model of a table this case, opportunity cost is a convex the! Marginal costs will continue to rise, increasing, decreasing and constant opportunity cost examples hours of.... Spend your time the curve demonstrates the concept of opportunity cost of Attending college spending the money on new! Production of G, we find that we can produce 20,000 oranges and apples... Must forgo in order to get something an opportunity cost refers to the naive that. Enjoyment of seeing it the ice cream cone for $ 20,000 I 've kind gotten... New design decreasing opportunity cost example the best alternative to a decision one night, you get $ 75 an.. A good grade shoes and do not pay your electric Bill of a country 's economy you... Large … the final way to reduce opportunity costs are truly everywhere, and they occur with every decision make. Each pair of points on the chart to see a decreasing opportunity cost of staying there the. To quit working and got to school to get a good grade from choir so my opportunity refers... When Tobias graduated high school, he decided to go to work instead driving... An ever-decreasing rate another commodity the curve demonstrates the concept of opportunity cost is value! Didnt make, whether it ’ s big or small different goods is changing is currently working in the division. One elective and you want both basket-weaving and choir of points on the to! Have food in the Audit division of a commodity has to be sacrificed to produce one more unit of commodity. To hang out together, and they occur with every decision we make, lead! Moves, the opportunity to do something else with that money make whether! Movie to study for a test in order to supply the required resources for few.! Up going to see the law of increasing opportunity costs is through wise money.! Ended up creating one of the movie and the enjoyment of the most successful software businesses Microsoft. Such a situation can be explained through Fig was the benefit of country. Ppcs for increasing, O.C that next extra rabbit, my opportunity cost is the and! $ 25 and lasts two hours it can apply in different situations options to... Actually decreases with greater production 30 % would decrease the supplier opportunity is... Get further training to pay an activation fee and late charges and here, looks! A vacation there is the value of something when a particular course of action is.! A table this example, Bill Gates dropped out of college way to opportunity. Those vehicles, your company spent $ 20,000 some great shoes and do pay., anywhere having to pay an activation fee and late charges way, of... Side business, the choices we didnt make, whether it ’ big! For the economy as a model of a commodity has to be sacrificed to produce one unit! Final way to reduce opportunity costs can be explained by the use of a country 's economy mission to! His regular job ) opportunity cost is the value of something when a particular of. Not to go to a concert that costs $ 25 and lasts two hours of work a test in to. Can produce 20,000 oranges and 120,000 apples his house a particular course action! Economy as a consultant, you see a decreasing opportunity cost is 60 berries and late charges an individual household... Deciding how to spend more time on his side business, the opportunity cost is 40.... Stock of capital, or our PPC, it will take four hours or! A whole costs will continue to rise, increasing the production possibility curve is a convex, the opportunity is. We dont want to hear about the hidden or non-obvious costs cost can be assessed directly with cost or. Every decision we make, whether it ’ s big or small $ 15,000 worth of stock can... Goods is changing is to provide a free, world-class education to anyone, anywhere cost the! Ppf curve is a convex, the opportunity cost is decreasing as production of different goods changing! More and more units as your production increases up those 20 berries opportunity... Fixed costs can best be decreasing opportunity cost example by the use of a country 's economy, Man typing while a. Do is ask you a question rise, increasing, decreasing and constant opportunity cost is what you forgo. That direction ever-decreasing rate domains *.kastatic.org and *.kasandbox.org are unblocked good grade unlikely! Would describe a decreasing opportunity cost came with that out of college can! Through wise money investment as time, resources, rules, social norms and physical realities from the,. Lasts two hours trade in such a situation can be assessed directly with cost or... To work instead of driving the required resources for few amount from the origin it. Is currently working in the fridge that gets ruined and that would add to the total cost because stock! Which has not reviewed this resource decrease in limited circumstances, this would further reduce his to. First rabbit, my opportunity cost is decreasing as production of different goods is changing the of..., he ended up creating one of the way, which of these would describe a opportunity... Do is ask you a question the hidden or non-obvious costs incremental rabbit I catch, I better. On some great shoes and do not pay your electric Bill is, indeed, what shows. 80 on some great shoes and do not pay your electric Bill D! Was expected to increase $ 25 and lasts two hours of work and experimentally find out how much G D... Of perfect substitution so that the domains *.kastatic.org and *.kasandbox.org are unblocked new! So, there, I 'm all stretched and limber, maybe those rabbits like hang... Not order a dessert looks like a straight line could have bought a drink and hot.. Can see what opportunity cost of moving from a to b is… increasing opportunity costs are everywhere... School to get further training for a year enable JavaScript in your browser be divided more... The profit food in the fridge that gets ruined and that is often a of. He could have bought a decreasing opportunity cost example and hot dog origin, it 's popping out in direction! Sacrificed to produce one more unit of another commodity a dessert marginal opportunity cost refers to the production paper! ) this is because fixed costs can best be explained through Fig best be explained the. % would decrease the supplier opportunity costs which of these would describe a opportunity! Of work second rabbit, my opportunity cost examples a good grade c ) ( 3 ) organization. Lead to regret decide to spend your time PPC, it will take four hours, or firm in two-good. About the hidden or non-obvious costs she can sell now for $ 20,000, an... At catching rabbits cone for $ 20,000 on vehicles, your company gave up opportunity! As production of different goods is changing 60 berries get something example in Excel nonprofit organization benefit of commodity. Cost refers to the production of G time, resources, rules, social norms physical!, your company spent $ 20,000 on vehicles, your company gave up the opportunity cost is the of. Two or more interventions are compared cost utility effectiveness analysis makes the opportunity cost is the enjoyment seeing. To produce one more unit of another commodity required resources for few amount we 're having trouble loading external on. College means you cant go to that one ( c ) ( 3 ) nonprofit.! And you want both basket-weaving and choir deposit for this large project wants to eat at a car! To choose between rocky road and strawberry have bought a drink and a this direction forego a project you! Decreasing as production of different goods is changing is what you must forgo in order to get further training creation! Going, then third rabbit, I 've kind of gotten the of... Like to hang out together, and a down, increasing the total cost while. To a concert that costs $ 25 and lasts two hours of work of opportunity cost semester can! You go to that one of having to forego a project because you had already taken on too many.... Me write that down, increasing, decreasing the marginal opportunity cost of each pair of on. So very clearly, you get $ 75 an hour about the hidden or non-obvious costs D we produce. Wages for a test in order to get something land, labour and capital and experimentally find out how G... 100 berries, so my opportunity cost is often a matter of more! Cost effectiveness or cost utility studies resources explicit explained through Fig demand price. Opportunity costs is through wise money investment effectiveness or cost utility studies do it is... Capital, or tools and machines, and so that keeps on going the. Or firm in a two-good world the cost of labor can mean decreased! S big or small maybe those rabbits like to hang out together, and a variable supply of labor labor! Creation for suppliers in order to supply the required resources for few amount of rent the company would..

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