Quizlet
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| 1-3 of 3Opportunity cost flashcard sets | |||
|---|---|---|---|
| # | Title | Terms | Date |
| 1 | C02 - PPC & Opportunity Costby lsturgis | 17 terms | November 18, 2008 |
| 2 | Opportunity Costby sendatsu | 7 terms | August 20, 2009 |
| 3 | Opportunity Costs and Financial Strategiesby jayjay44 | 5 terms | September 2, 2008 |
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| opportunity cost definitions | |||
|---|---|---|---|
| # | Definition | Sets | |
| 1 | the most desirable alternative given up as the result of a decision | 34 sets | |
| 2 | whatever must be given up to obtain some item | 26 sets | |
| 3 | the cost of the next best use of time and money when choosing to do one thing or another | 13 sets | |
| 4 | the thing you give up when you decide to do or have something else | 11 sets | |
| 5 | what you give up when you make one choice over another | 8 sets | |
| 6 | cost of the next best alternative use of money, time, or resources when one choice is made rather than another | 8 sets | |
| 7 | cost in terms of foregone alternatives | 8 sets | |
| 8 | the highest valued benefit given up when a choice is made | 7 sets | |
| 9 | the next best alternative given up when making a choice | 7 sets | |
| 10 | the value of any alternative that you must give up when you make a choice | 6 sets | |
| 11 | the highest-valued alternative that must be given up to engage in an activity | 6 sets | |
| 12 | the value of the next-best alternative that you did not choose | 5 sets | |
| 13 | value of the next best alternative | 5 sets | |
| 14 | the cost of the next best use of your time or money when you choose to do one thing rather than another | 5 sets | |
| 15 | the value of the next-best alternative that you did not choose. | 4 sets | |
| 16 | the amount of other products that must be forgone or sacrificed to produce a unit of a product | 4 sets | |
| 17 | what you give up when you choose one thing over another | 4 sets | |
| 18 | the basic relationship between scarcity and choice. the sacrifice incurred by choosing one option over an alternative that may be equally desired. all choices have an opportunity cost. | 4 sets | |
| 19 | in making a decision, the most valuable alternative not chosen | 4 sets | |
| 20 | what you give up when you make one choice instead of another | 4 sets | |
| 21 | what you give up to do what you are doing | 4 sets | |
| 22 | choosing one option over another one | 4 sets | |
| 23 | is the cost of the next best use of your time or money when you choose to do one thing rather than another | 4 sets | |
| 24 | a potential benefit that is given up when one alternative is selected over another | 4 sets | |
| 25 | the highest valued alternative that must be given up to engage in an activity. | 4 sets | |
| 26 | what is given up when making one choice instead of another | 3 sets | |
| 27 | cost in terms of forgone alternatives | 3 sets | |
| 28 | the most highly valued opportunity or alternative forfeited when a choice is made | 3 sets | |
| 29 | the potential benefit that is given up when one alternative is selected over another. | 3 sets | |
| 30 | the benefit given up when scarce resources are used for one purpose instead of another. | 3 sets | |
| 31 | the best or most valued alternative sacrificed in order to have something else. what is given up in order to have something else. | 3 sets | |
| 32 | the cost (lost benefit) of the thing you gave up. ex: giving up money from missing work to go to school. | 3 sets | |
| 33 | investment of time, energy, and effort in a questionable treatment that can lead people to forfeit the chance to obtain an effective treatment | 3 sets | |
| 34 | the cost of the next best alternative use of time and money when choosing to do one thing rather than another | 3 sets | |
| 35 | the value of the best alternative passed up for the chosen item or activity | 3 sets | |
| 36 | what is given up | 2 sets | |
| 37 | the value of the next-best alternative that must be forgone in order to undertake the activity | 2 sets | |
| 38 | sometimes called a trade-off, is what you give up when you make one choice instead of another | 2 sets | |
| 39 | the benefit of greatest value is given up when you make a decision. | 2 sets | |
| 40 | most desirable alternative given up in decision | 2 sets | |