what is my opportunity cost? any time you buy something, whether you realize it or not, there is an…

what is my opportunity cost? any time you buy something, whether you realize it or not, there is an opportunity cost. when you choose something at a store, you also choose not to buy something else - this is your opportunity cost. businesses also have opportunity costs. when a business chooses to make one product instead of another, the product they choose not to make is their opportunity cost. knowing this, see if you can answer all of these questions correctly! 1) when you go to the store with $1.00 and choose to buy a chocolate bar, what could be an opportunity cost for you? (what is something else you couldve chosen to buy, but didnt?) 2) when a business decides to make teddy bears instead of wooden toys, what is their opportunity cost? 3) when you go to the store to pick out new school supplies, your mom tells you that you have to choose between a new binder and a new lunch box. which would you choose, and which would be your opportunity cost? 4) you are starting your own business and have to choose between producing shoes and producing shirts. which do you choose, and which would be your opportunity cost?

what is my opportunity cost? any time you buy something, whether you realize it or not, there is an opportunity cost. when you choose something at a store, you also choose not to buy something else - this is your opportunity cost. businesses also have opportunity costs. when a business chooses to make one product instead of another, the product they choose not to make is their opportunity cost. knowing this, see if you can answer all of these questions correctly! 1) when you go to the store with $1.00 and choose to buy a chocolate bar, what could be an opportunity cost for you? (what is something else you couldve chosen to buy, but didnt?) 2) when a business decides to make teddy bears instead of wooden toys, what is their opportunity cost? 3) when you go to the store to pick out new school supplies, your mom tells you that you have to choose between a new binder and a new lunch box. which would you choose, and which would be your opportunity cost? 4) you are starting your own business and have to choose between producing shoes and producing shirts. which do you choose, and which would be your opportunity cost?

Answer

Brief Explanations:

Opportunity cost is the value of the next best alternative not chosen.

Answer:

  1. Something else you could've bought with $1.00, e.g., a pack of gum.
  2. The wooden toys they chose not to make.
  3. If I choose the binder, the opportunity cost is the lunch box; if I choose the lunch box, the opportunity cost is the binder.
  4. If I choose to produce shoes, the opportunity cost is producing shirts; if I choose to produce shirts, the opportunity cost is producing shoes.