4. Recap
Definition of opportunity cost, with an example
Due to scarce resources and unlimited wants,
we must made decisions. All decisions will have
an opportunity cost. The opportunity cost is the
next best alternative foregone.
For example, if I am at dinner I can eat either
the Pizza or salad. If I choose the Pizza, then
the salad is my opportunity cost.
5. Recap
Definition of opportunity cost, with an example
The opportunity cost is the next best alternative
foregone when making a decision.
I can eat either the Pizza or salad. If I choose
the Pizza, then the salad is my opportunity cost.
6. Recap
Definition of opportunity cost, with an example
Due to scarce resources and unlimited wants,
we must made decisions. All decisions will have
an opportunity cost. The opportunity cost is the
next best alternative foregone.
For example, if I am at dinner I can eat either
the Pizza or salad. If I choose the Pizza, then
the salad is my opportunity cost.
14. Case study – PT products p 15
A. This year RTP can produce.... printer
cartridges
B. Consumer goods are.... examples...
− Capital goods are... examples...
C. Division of labour is when..... I think that
the Operations Director should.....
because.....