MANIFEST DESTINY 1806 1855
THE OREGON TRAIL WESTWARD MIGRATION TO THE PACIFIC OCEAN
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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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 back yard. They decide to spend the money on a swimming pool. What is the opportunity cost of their decision?
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vacation
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swimming pool
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Opportunity cost is defined as the cost of the next best alternative foregone. It represents the sacrifices that people must make due to the scarcity of resources. Resources are limited but wants are unlimited, thus choices must be made.
Detailed explanation-2: -The opportunity cost of a good is the alternative goods forgone. the price of alternative goods foregone.
There is 1 question to complete.