GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Justin is trying to decide whether he wants to spend a $50 birthday check on a new DVD player or tickets to a concert. If he chooses the DVD player, what is the opportunity cost of this decision?
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Birthday check
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DVD player
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Concert tickets
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$50
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Explanation:
Detailed explanation-1: -Economists use the term opportunity cost to indicate what must be given up to obtain something that’s desired. A fundamental principle of economics is that every choice has an opportunity cost.
Detailed explanation-2: -Explain why wants are considered unlimited, changing, and competing. We must choose what will satisfy us the most at one time, and those wants can change depending on the situation.
There is 1 question to complete.