Opportunity cost definition for kids
[PDF File]Scarcity, Opportunity Cost, and Trade
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the opportunity cost of your “free”trip to Bermuda? $1 million.A smart decision to take or not take the trip depends on opportunity cost, not money cost. Or what if you have an out-of-town boyfriend, and the only time you can get together is during the first week in December? What is the opportunity cost of taking your “free”trip for one?
[PDF File]What’s “It” Worth? - Economics Center
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meaning of cost-benefit analysis. [Since the term is fairly self-explanatory, this may be easy. Use the definition for the “Lesson Background” section, above.] Clarify that costs are sometimes in dollars (price), sometimes in time and trouble, or opportunity. See the definition of opportunity cost.
[PDF File]Name: Class: Date Taken: Total Possible Marks: 26 ...
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Write a short, accurate definition for each of the following key terms. (2 marks for each good quality definition) 2 1. Define: opportunity cost Answer The benefit foregone of the best alternative - which is sacrificed when making a decision. Opportunity cost is the benefits lost from taking a decision. 2 2. Define: interest rate The return for ...
[PDF File]Microeconomics Topic 1: “Explain the concept of ...
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Opportunity Cost This concept of scarcity leads to the idea of opportunity cost. The opportunity cost of an action is what you must give up when you make that choice. Another way to say this is: it is the value of the next best opportunity. Opportunity cost is a direct implication of scarcity.
[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]Scarcity and Opportunity Cost Station - Weebly
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opportunity cost. • A city government has $20,000 to spend. They decide to spend it on new job programs instead of on trash collection days. A clean environment is the opportunity cost. Socioeconomic Goals: There are things that the government tries to achieve
[PDF File]Classroom Economy: 5th Grade Integrated Social Studies Unit
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An opportunity cost is the cost of giving up one thing to get another. Supply is how much a product or service is available. Demand is how popular the product or service is and how badly people want it. Scarcity is when a product or service is not easy to get.
[PDF File]3rd Grade Economics Review
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Opportunity cost: The next best choice that is given up when a decision is made When resources are scarce, producers must decide what they will produce. Scarcity can affect supply and demand, which can impact the price of goods and services. People make choices because they cannot have everything they want. People must make economic choices
[PDF File]Factors of Production and Economic Decision-Making
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• Opportunity Cost- Because resources are scarce, the choice to use a resource in one way means not using it in another. For example, to using a field to grow tobacco means the …
[PDF File]Why it Matters: What is the “Real” Cost? Lesson Overview ...
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Why it Matters: What is the “Real” Cost? Lesson Overview . This lesson explores the concept of opportunity cost and, more specifically, in the context of the decision to go to college. Students identify the opportunity cost of some simple and some difficult decisions. Then, they apply their understanding of opportunity cost to the college ...
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