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Opportunity Cost - examples, advantages, school, business
Opportunity cost . is one of the most important concepts in economics and is the basis of all economic decision making. The definition of opportunity cost is the value of any alternative you must give up when you make a choice. More specifically, it …
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[DOC File]CHAPTER 1
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___ 29 An example of the opportunity cost associated with attending college full-time is a) the cost of tuition b) the cost of room and board c) the cost of books d) the earnings foregone by spending time in full-time education This is the true opportunity cost. What you give up to go to college. ___ 30.
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[DOC File]Opportunity Cost Work Sheet
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Whatever you give up is your opportunity cost. If you choose to use your resources in one way, then the real cost of that choice is the lost opportunity to use the resources in some other way. For example, at this moment you have chosen to use your time (a valuable resource) to read this lesson. Is there an opportunity cost to this time?
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[DOC File]CHAPTER 1: TEST BANK
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(The opportunity cost of producing 3 units of pizza is obviously greater than producing only 2 but the idea of increasing opportunity cost is that producing the third unit had a greater opportunity cost of producing the second. Let students discuss the likelihood of finding increasing opportunity cost in the real world. Have them generate examples.
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[DOC File]2 - JustAnswer
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Opportunity cost refers to: a. the dollars spent on a product. b. the best of the alternatives foregone in order to produce or consume something. c. the resources used to make something. d. the money spent by a business to produce something. The next three questions refer to the following graph. 4. Equilibrium price and quantity are: a. $4, 120 ...
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[DOC File]HOW ANY WILL YOU BUY - Walton College
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May 29, 2009 · An opportunity cost of going to college rather than taking job may be that you will not have money to buy a new car because you have spent it on tuition. b. Watch a movie instead of driving your car. An example of an opportunity cost of watching a movie over driving your car could be that you don’t go to a friend’s house to see her new baby.
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[DOC File]Economics 12 Exam 1 Solutions to Version
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16. (p. 10) Purchasing a car is an example of a durable-product goal. TRUE Bloom's: Comprehension Difficulty: Easy Learning Objective: 2 Topic: Types of Financial Goals 17. (p. 12) Opportunity costs refer to money already spent. FALSE. An opportunity cost is the time, money, or resource given up when a decision is made.
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Opportunity cost example college