Loading the lesson
Loading the lesson
Search AllRounder.ai
Search the courses, subjects, tracks, games and features, or jump straight to a page.
Search the courses, subjects, tracks, games and features, or jump straight to a page.
2 cards from this section. Quick, good the night before a test.
What is opportunity cost?
Think about what you give up when choosing something.
Give an example of opportunity cost in everyday life.
Consider two activities you might choose between.
What does opportunity cost represent?
Think about what you could have chosen instead.
True or False: Opportunity cost only applies to financial decisions.
Consider non-monetary choices as well.
A family has $300 to spend on a vacation. They choose to spend it on a beach resort instead of a mountain retreat that costs $250. Calculate the opportunity cost.
Consider what they miss out on by not choosing the mountain retreat.
An entrepreneur decides to invest $50,000 in a bakery instead of a tech startup. What are the opportunity costs of this decision?
Think about both financial and non-financial benefits that could have been realized.
4 more questions in this section. Enroll free to practise them all.
Enroll free