Opportunity Cost
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The document discusses the concept of opportunity cost and provides an example of how football clubs must choose how to use their spare land since they can only pick one option. It defines opportunity cost as the next best alternative that is given up when choosing an activity or item. A case study asks the reader to think about what their second choices would be if they could not buy specific items they just purchased.
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Opportunity Cost
- 2. Discussion Points Definition of Opportunity Cost The Influence of opportunity Cost on Decision Making
- 3. Many football clubs have spare land next to their grounds . The Problem facing these clubs is to choice what to do with this land. They could build a sports complex or leisure centre to serve the community, or a supermarket , or an apartment block or even an office complex. Whatever they do, they can only choose one of these options because land is scarce resources. CASE STUDY
- 4. Activity: The next best thing Imagine that you have just bought the list of items below. But now imagine that you were unable to buy these and therefore had to buy your second best choice instead What I have just bought i. Large flat-screen television ii. Cakes and sweets What could I have bought instead i. __________________________ ii. __________________________
- 5. OPPORTUNITY COST The true cost of something is what we have to give up to get it. The opportunity cost of an activity is the the value of the next-best alternative that must be forgone to undertake the activity. Whatever must be given up to obtain some item
- 6. Thank You