Opportunity Cost Worksheet Answers
Topics youll need to know to pass the quiz include the. The definition of opportunity cost is the value of any alternative you must give up when you make a choice.
Opportunity Cost Worksheet 2014
Deciding by thinking at the margin.
Opportunity cost worksheet answers. The extra cost of adding one unit. This printable quiz and worksheet will test your understanding of opportunity cost in real life situations. Displaying all worksheets related to opportunity cost.
Worksheets are why it matters what is the real cost lesson overview opportunity costs work. Opportunity cost in terms of forgone production in an alternative commodity than. A visual way of examining opportunity cost.
More specifically it is the value of the next best alternative. Opportunity cost complete the following questions in the time allowed by your teacher quick definitions write a short accurate definition for each of the following key terms. The most desirable alternative given up as a result of a decision.
What is the difference between. Students are asked to look at the schools lunch menu and identify the economic choices for the day. Is one of the most important concepts in economics and is the basis of all economic decision making.
Base your answer only on the information above and on comparative advantage considerations. Opportunity cost answer the benefit foregone of the best alternative which is sacrificed when making a decision. Mike wash dishes.
The production possibilities curve ppc is a model used in economics to illustrate tradeoffs scarcity opportunity costs efficiency inefficiency and economic growth. They have to list the choice they made as well as their opportunity cost. This is a very simple worksheet allowing students to apply the concept of opportunity cost to their daily lives.
Practice question with answers. Practice questions 2 opportunity cost and trade. Economic principles eco10004 uploaded by.
Assuming there are only two countries country a can produce 10 tons of wheat or 20 tons of rice while country b can produce 5 tons of wheat. 2 marks for each good quality definition 2 1. Print how to calculate opportunity cost worksheet 1.
Swinburne university of technology. Worksheet opportunity cost and comparative advantage answers. About this quiz worksheet.
Opportunity Cost Worksheet
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