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Trade-offs and Opportunity Cost

Economics decisions and their ramifications

Daniel Kim

on 8 September 2014

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Transcript of Trade-offs and Opportunity Cost

...and so you make a decision.
You are hungry.
Trade-offs and Opportunity Costs
You use this
And buy one of these
What are the ramifications?

People are always making economic decisions with Trade-offs, all the time.

In order to buy that delicious not only are you giving up your

money, you are also giving up your ability to purchase or
The fact is...
Each trade-off comes with a price
-The value or worth of this price is called the
Opportunity Cost
Opportunity Cost
So we must be strategic in how we purchase or choose to act. We must always be thinking of the
next best alternative

If I had to choose between doing my homework or practicing my guitar, what simple but important resource would I be contemplating?
Or Consequences?
Of your choice?
Full transcript