Define opportunity cost quizlet
[PDF File]Econ 101 Exam Review Answers: Economics The opportunity ...
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Define: 1. Economics Economics is the study of choice under conditions of scarcity. 2. Opportunity Cost The opportunity cost of any choice is what we must forego when we make that choice. (Highest Valued) 3. Product Possibility Frontier (PPF) A curve showing all combinations of two goods that can be produced whit the resources and technology
[PDF File]U.S. Military Spending in the Cold War Era: Opportunity ...
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opportunity cost. I propose, however, to take the categorization seriously in order to inquire into how the costs of America's cold war military activities have been distributed between the ...
[PDF File]UNIT 1 Macroeconomics LESSON 1
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1. Define scarcity and opportunity cost. 2. Apply scarcity and opportunity cost to a num-ber of everyday situations. 3. Construct production possibilities curves using hypothetical data. 4. Apply the concept of opportunity cost to a pro-duction possibilities curve. 5. Analyze the different locations of points on, outside and inside a production ...
[PDF File]Microeconomics Topic 1: “Explain the concept of ...
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The opportunity cost of this capital is what Josephine could have earned if she had taken the money and invested it elsewhere. If the rate of return on her best alternative investment opportunity is 10%, the implicit cost of capital is $10,000. This would be added to her other explicit costs of doing business to compute the opportunity cost.
[PDF File]VA-Economics and Personal Finance Scope and Sequence
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VA-Economics and Personal Finance Scope and Sequence Unit Lesson Lesson Objectives The Law of Supply Analyze ways to measure changes in supply. Define the law of supply. Describe the factors that influence supply. Determining Market Price Analyze how excess supply and excess demand can be caused by disequilibrium.
[PDF File]UNIT 1: Basic Economic Concepts
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might outweigh the additional cost (the opportunity cost). After three hours, the additional benefit from staying an additional half-hour would likely be less than the additional cost. 5 Key Economic Assumptions. 1. Society’s wants are unlimited, but ALL resources
[PDF File]AP Macroeconomics Unit 1 Review Session
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AP Macroeconomics Unit 1 Review Session Production Possibilities Curve, Absolute and Comparative Advantage, Opportunity Cost, and Marginal Analysis 1. Draw a PPC with linear opportunity cost. 2. Draw a PPC that illustrates the law of increasing opportunity …
[PDF File]Housing in High Opportunity Areas - Freddie Mac
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baseline for opportunity is an attempt to bring affordable housing to high cost or high barrier markets around the country. On the other hand, QAPs define opportunity areas based on local needs. Low-Income Housing Tax Credits (LIHTCs), provide affordable housing units for millions across the country, keeping rents affordable to those making 60
[PDF File]Economics Unit 2 Fundamentals - Georgia Standards
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d. Define opportunity cost as the next best alternative given up when individuals, businesses, and governments confront scarcity by making choices. SSEF2 Give examples of how rational decision making entails comparing the marginal benefits and the marginal costs of an action. a. Define marginal cost and marginal benefit. b.
[PDF File]Principles of Microeconomics, Fall 2007 Quiz #1 Name
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A)additional cost from one more unit of an activity. B)forgone opportunity. C)additional gain from one more unit of an activity. D)loss of the highest-valued alternative. 8) 9)A cost due to an increase in activity is called A)an incentive loss. B)a negative marginal benefit. C)a marginal cost. D)the total cost. 9)
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