Opportunity Costs and Trade offs

The opportunity cost of a good is

• its price in dollars and cents.

• the alternative goods not chosen.

• the price of alternative goods not chosen.

• none of the above

When you make a choice, the next best option that you did not choose is called...

• a Trade-off

• a Opportunity cost

• a lost opportunity

• a rejected option

What should be the most important factor considered when you make a decision?

• the Trade-offs

• the Opportunity cost

• the lost opportunities

• the opinions of others

Because of scarcity, people are forced to make _________ in about how to use resources.

• Choices

• Opportunities

• time

• investments

A trade-off is

• a purchase in a marketplace.

• an alternative that we sacrifice when we make a decision.

• any good or service a consumer needs.

• a factor of production.

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 to improve ones social status.

• The time it will take to earn the income to purchase a good.