Opportunity Cost

What is opportunity cost?

• your choice
• what you give up to make a choice

What is scarcity? 

• Having too many resources 
• Not  having enough resources 

Which one of these definitions best describe 'Opportunity Costs'?

• The cost of making one decision over another.

• The cost for the opportunity to buy anything you want.

• The opportunity that will cost you loads of money.

Because of scarcity, any time a choice is made, there are alternatives that are not chosen.

• True
• False

Which of these is NOT an example of a need?

• Water
• Food
• watch
• Shelter

What is opportunity cost?

• your choice

• the second best option; the next best thing that you give up when you make a choice

Challenging the usual involves asking "Why" and "What if" questions

• True

• False

Which is not a source of opportunity?

• Problems

• Changes in laws

• Existing Products and Services

• Economic downturn

The opportunity cost is the value of the _______ that had to be given up f the alternative that was chosen.

• all the items
• the next best alternative
• the least important alternative
• everything except the item that was chosen.

A famous saying is, "There is no such thing as a free lunch." What does this statement mean?

• Everything has a cost

• Never accept a free lunch

• You must always pay for lunch

• None of these options