Showing posts with label Opportunity costs. Show all posts
Showing posts with label Opportunity costs. Show all posts
Tuesday, June 16, 2020
Business Studies - Opportunity cost
We are looking at scarcity and opportunity cost. Scarcity is an item having unlimited wants but limited resources and opportunity cost is the loss of other alternatives when one alternative is chosen. In the images below I have shown opportunity cost where there were three options but one was demolished, one was considered a possible choice and one a choice.


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