Opportunity cost flashcard sets

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1-3 of 3Opportunity cost flashcard sets
# Title Terms Date
1C02 - PPC & Opportunity Costby lsturgis17 termsNovember 18, 2008
2Opportunity Costby sendatsu7 termsAugust 20, 2009
3Opportunity Costs and Financial Strategiesby jayjay445 termsSeptember 2, 2008
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opportunity cost definitions
# Definition Sets
1the most desirable alternative given up as the result of a decision34 sets
2whatever must be given up to obtain some item26 sets
3the cost of the next best use of time and money when choosing to do one thing or another13 sets
4the thing you give up when you decide to do or have something else11 sets
5what you give up when you make one choice over another8 sets
6cost of the next best alternative use of money, time, or resources when one choice is made rather than another8 sets
7cost in terms of foregone alternatives8 sets
8the highest valued benefit given up when a choice is made7 sets
9the next best alternative given up when making a choice7 sets
10the value of any alternative that you must give up when you make a choice6 sets
11the highest-valued alternative that must be given up to engage in an activity6 sets
12the value of the next-best alternative that you did not choose5 sets
13value of the next best alternative5 sets
14the cost of the next best use of your time or money when you choose to do one thing rather than another5 sets
15the value of the next-best alternative that you did not choose.4 sets
16the amount of other products that must be forgone or sacrificed to produce a unit of a product4 sets
17what you give up when you choose one thing over another4 sets
18the 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
19in making a decision, the most valuable alternative not chosen4 sets
20what you give up when you make one choice instead of another4 sets
21what you give up to do what you are doing4 sets
22choosing one option over another one4 sets
23is the cost of the next best use of your time or money when you choose to do one thing rather than another4 sets
24a potential benefit that is given up when one alternative is selected over another4 sets
25the highest valued alternative that must be given up to engage in an activity.4 sets
26what is given up when making one choice instead of another3 sets
27cost in terms of forgone alternatives3 sets
28the most highly valued opportunity or alternative forfeited when a choice is made3 sets
29the potential benefit that is given up when one alternative is selected over another.3 sets
30the benefit given up when scarce resources are used for one purpose instead of another.3 sets
31the best or most valued alternative sacrificed in order to have something else. what is given up in order to have something else.3 sets
32the cost (lost benefit) of the thing you gave up. ex: giving up money from missing work to go to school.3 sets
33investment of time, energy, and effort in a questionable treatment that can lead people to forfeit the chance to obtain an effective treatment3 sets
34the cost of the next best alternative use of time and money when choosing to do one thing rather than another3 sets
35the value of the best alternative passed up for the chosen item or activity3 sets
36what is given up2 sets
37the value of the next-best alternative that must be forgone in order to undertake the activity2 sets
38sometimes called a trade-off, is what you give up when you make one choice instead of another2 sets
39the benefit of greatest value is given up when you make a decision.2 sets
40most desirable alternative given up in decision2 sets