Opportunity Cost

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

• Everything has a cost

• Never accept a free lunch

• None of these options

• You should always pay for lunch

What is the definition of opportunity cost?

• The next best alternative you give up

• All of the choices you could have made but you didn't

• The chance that you will lose your money

• The money you spend to buy something

Who determines your opportunity cost?

• You

• Your friends

• Your parents

• Your teachers

What is the non-monetary cost of attending college?

• Less time to spend with friends

• Getting a job

• Money to spend on tuition

• Saving a car

You pick (1) Candy, (2) Magazine, (3) Soda. What is the opportunity cost for buying the candy?

• Both the magazine and the soda

• The magazine

• The soda

• The candy