Understanding What is Opportunity Cost

Jun 30, 2025

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Understanding What is Opportunity Cost

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Understanding Opportunity

Understanding Opportunity. Mile Markers 1 & 2 (4.01) 4-6-2017. Bellringer. Section 1-3 p. 27 Education & Training (Read)Key terms Knowledge Check p.30 1-3 Section 1-4 p.31 Entrepreneurship opportunities (Read) key terms Knowledge check p.35 1-3. What is an Entrepreneur?.

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Opportunity Cost

Opportunity Cost. In this lesson, students will be able to define the following key words and concepts: Trade-offs Opportunity Cost Guns or Butter Thinking at the Margin.

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OPPORTUNITY COST

OPPORTUNITY COST. A Concept To Understand In Order To Make Informed Choices. OPPORTUNITY COST. Upon High School graduation you had to choose whether to go to college or go to work. You have to choose whether to plant corn, soybeans, or both. OPPORTUNITY COST.

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Opportunity Cost

Opportunity Cost. When you chose, what did you give up?. Opportunity Cost. The best alternative not selected when making a decision. Opportunity Cost. To choose is to refuse. Opportunity cost is opportunity lost. Every choice has a cost. Every choice has only one cost.

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Opportunity Cost

Opportunity Cost. The Next Best Alternative. As a result of scarcity, choices have to be made. What Are Incentives?. Incentives are factors that encourage or discourage various types of behaviors, actions or activities. Changes in incentives alter the way people behave.

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Opportunity Cost

Opportunity Cost. Value forgone for something else. Suppose a bank would pay 3.5%/year but you decide to keep $10,000 in your mattress . Opportunity cost of keeping in mattress as opposed to the bank is $350/yr. Why Time Value of Money?.

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Opportunity Cost

Opportunity Cost. Opportunity cost – the most desirable alternative given up as the result of a decision Every decision involves trade-offs In economics, we call these trade offs opportunity cost. North Korea as a case study. http://www.trust.org/spotlight/North-Korea-hunger.

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Opportunity Cost

Opportunity Cost. The road not taken…. Economics is about choice…. We need to choose how to spend our scarce resources effectively and efficiently But what happens when we finally make that choice?. Every choice has a benefit and a cost.

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What is opportunity cost?

What is opportunity cost?. I can define and explain opportunity cost. . wants. Things that people desire, but DON’T have to have in order to live. . needs. Things you HAVE to have in order to live. . o pportunity cost.

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What is Understanding?

Understanding … according to Bloom, is the ability to marshall skills and facts appropriately and wisely through effective application, analysis, synthesis, and evaluation. Understanding is … the result of facts acquiring meaning for the learner.

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Opportunity Cost

Opportunity Cost. What’s the cost of a good thing ?. 1.2.1 Define opportunity cost. (k) . The next best alternative use of a choice. In other words, whenever you make a choice you have to give something up.

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Opportunity Cost

Opportunity Cost. Chapter 1.3. Warm-Up. In this clip from the movie, Along Came Polly , what does Reuben (Ben Stiller) lose by putting on and taking off his pillows every morning and evening?. Reading Quiz 1.3. Define Opportunity Cost True or False: opportunity cost varies

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opportunity cost

opportunity cost. When determining the cost of something, the pertinent comparison isn’t with zero – but with what you’d do with the money if you didn’t do it. . Cost of renting a house, vs buying?. Rent: $800/mo, say. Buying: $160,000, say. Break even point: after 200mos (18yrs)?

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Opportunity Cost

Opportunity Cost. Trade-Offs. Trade-offs- All the alternatives that we give up whenever we choose one course of action over another. Individual and Trade-offs Choosing more time at work over going to a baseball game---or playing soccer over working a part time job. Business and Trade-offs

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Opportunity Cost

Opportunity Cost. Mr. Marinello * Chippewa Valley Fall 2012. What is it?. Opportunity Cost The value of something that you give up on order to get something else you wanted. How do people make economic decisions?. Incentives.

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Opportunity cost

Opportunity cost. Homework Questions. 1.What is another name for Opportunity Cost ? Trade off, Economic Cost, 2.When analyzing Opportunity Costs consumers must consider what two factors ? Benefits and Costs 3.What is a Sunk Cost ?

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Opportunity Cost

Opportunity Cost. Incentives. Economists always think about incentives. They believe that people respond to incentives - that they weigh the costs and benefits rationally.

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What is cost?

What is cost?. Cost is the cash (or cash equivalent) sacrificed for goods or services that are expected to produce current or future benefits. Expenses are expired costs. What is expense?.

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Opportunity Cost

Opportunity Cost. Fill in the Blanks . We have _________ wants and needs. We have _______ resources. Therefore, we must make ______. Review Questions. 4 Factors of Production : 1.______ 2._____ 3.______ 4.________ Resources are allocated by answering these 3 questions:

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Opportunity Cost

Opportunity Cost. By:. Choices. Add image #1 Create link to image #2 page. Add image #2 Create link to image #1 page. Opportunity Cost. Image #1. Opportunity Cost. Image #2.

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Opportunity Cost

Opportunity Cost. The Next Best Alternative. The Opportunity Cost of doing something is the value of the next best alternative you give up. What is the opportunity cost of investing $500 in a new stereo system? What is the opportunity cost of going to college?.

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Opportunity Cost

Opportunity Cost. Does every decision you make involve trade-offs?. Questions What is the opportunity cost of attending this economics class? What is the opportunity cost of attending a concert by your favorite band? What is the opportunity cost of increasing research for an AIDS vaccine?.

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