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OPPORTUNITY COST

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Students will define scarcity and opportunity cost. Students will identify the opportunity cost in various scenarios.

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Sobre Test
economics
opportunity cost
scarcity
 Edad recomendada: 17 años
362 veces realizada

Creada por

Karlene Hamilton
Karlene Hamilton
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OPPORTUNITY COSTVersión en línea

Students will define scarcity and opportunity cost. Students will identify the opportunity cost in various scenarios.

por Karlene Hamilton
1

A popular bakery has only a few ingredients left to make their product. They could bake muffins or cookies, but they can’t make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision?

2

The Welch family has saved some money. They can spend it on a vacation to the Grand Canyon or build a swimming pool in their backyard. They decide to spend the money on a swimming pool. What is the opportunity cost of their decision?

3

Emelia has been invited to a sleepover at Cloe’s house for this Saturday. Emelia has tickets to see her favourite band in concert the same night. She decides to give the tickets to her sister and go to Chloe;s house. What is the opportunity cost of her decision?

4

What is the opportunity cost?

5

The opportunity cost of a good is

 
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