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Study sets matching "opportunity costs"

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Study sets matching "opportunity costs"

49 terms
opportunity costs
Demand
Quantity Demanded
Demand Schedule
Demand Curve
Combination of desire, ability, and willingness to buy a prod…
Amount demanded at any given price.
Listing showing the quantity demanded at all possible prices…
Graph showing the quantity demanded at each and every possibl…
Demand
Combination of desire, ability, and willingness to buy a prod…
Quantity Demanded
Amount demanded at any given price.
10 terms
Opportunity costs
Opportunity cost
The opportunity cost of a choice is
The choices people make have
Trade-offs
The next best thing you could use your resource for
The value of what you must give up when you make a particular…
Both present and future consequences
All those things you could have done with your time and/or mo…
Opportunity cost
The next best thing you could use your resource for
The opportunity cost of a choice is
The value of what you must give up when you make a particular…
16 terms
Opportunity Costs
Budget
Choice
Comsumers
Decision-Making
A spending-and-savings plan, based on estimated income and ex…
Decision made or course of action taken when faced with a set…
People who use goods and services to satisfy their personal n…
Reaching a conclusion after considering alternatives and thei…
Budget
A spending-and-savings plan, based on estimated income and ex…
Choice
Decision made or course of action taken when faced with a set…
10 terms
Opportunity costs
Opportunity Cost
Trade-offs
Instant Gratification
Delayed Gratification
the value of the benefits of the next best alternative that c…
what you give up when you choose one alternative over another
An unwillingness to give up something now in return for somet…
A willingness to give up something now in return for somethin…
Opportunity Cost
the value of the benefits of the next best alternative that c…
Trade-offs
what you give up when you choose one alternative over another
Opportunity Cost
trade-off
opportunity cost
"guns or butter"
cost/benefit analysis
the act of giving up one benefit in order to gain another
The most desirable alternative given up as the result of a de…
a phrase that refers to the trade-offs that nations face when…
A comparison of estimated costs and benefits of actions
trade-off
the act of giving up one benefit in order to gain another
opportunity cost
The most desirable alternative given up as the result of a de…
Opportunity Cost
trade-off
opportunity cost
"guns or butter"
cost/benefit analysis
the act of giving up one benefit in order to gain another
The most desirable alternative given up as the result of a de…
a phrase that refers to the trade-offs that nations face when…
A comparison of estimated costs and benefits of actions
trade-off
the act of giving up one benefit in order to gain another
opportunity cost
The most desirable alternative given up as the result of a de…
Opportunity Cost
trade-off
opportunity cost
"guns or butter"
cost/benefit analysis
the act of giving up one benefit in order to gain another
The most desirable alternative given up as the result of a de…
a phrase that refers to the trade-offs that nations face when…
A comparison of estimated costs and benefits of actions
trade-off
the act of giving up one benefit in order to gain another
opportunity cost
The most desirable alternative given up as the result of a de…
5 terms
Opportunity cost
Gains from trade
we can work O.C three ways:
1. Can Produce Method
2. PPF Graphs
who is better of with trade and how do the numbers represent…
1. Can Produce... 2. PPF Graphs... 3. Man Hour Info
this information will be found when a problem tells you that…
to make out a PPF graph we find the could produce numbers if…
Gains from trade
who is better of with trade and how do the numbers represent…
we can work O.C three ways:
1. Can Produce... 2. PPF Graphs... 3. Man Hour Info
11 terms
Opportunity Cost
Opportunity Cost
Explicit costs
Example: Explicit cost
Implicit costs:
The resolute from giving one thing to get the other
Explicit costs are opportunity costs that involve direct mone…
$100 on electrical power consumed, its explicit opportunity c…
are the opportunity costs not reflected in cash outflow but i…
Opportunity Cost
The resolute from giving one thing to get the other
Explicit costs
Explicit costs are opportunity costs that involve direct mone…
11 terms
Opportunity Cost
Scarcity
Choice
Opportunity Cost
Production Possibilities Frontier (PPF)
A situation in which unlimited wants exceed the limited resou…
Decision made or course of action taken when faced with a set…
Activity or unit of commodity that we have given up to have a…
The curve representing possibilities of producing different q…
Scarcity
A situation in which unlimited wants exceed the limited resou…
Choice
Decision made or course of action taken when faced with a set…
9 terms
Opportunity Cost
Assessing opportunity cost involves
A company makes $200,000 in a year and…
How does a production possibility char…
Venya and Kari own a flower shop that…
making choices and dealing with consequences.
revenue
It compares production numbers of one product to another.
50
Assessing opportunity cost involves
making choices and dealing with consequences.
A company makes $200,000 in a year and…
revenue
25 terms
Opportunity Cost
Benefit
Budget
Choice
Consumers
Monetary or non-monetary gain received because of an action t…
A spending-and-savings plan, based on estimated income and ex…
Decision made or course of action taken when faced with a set…
People who use goods and services to satisfy their personal n…
Benefit
Monetary or non-monetary gain received because of an action t…
Budget
A spending-and-savings plan, based on estimated income and ex…
16 terms
Opportunity Cost
Benefit
Budget
Choice
Consumers
Monetary or non-monetary gain received because of an action t…
A spending-and-savings plan, based on estimated income and ex…
Decision made or course of action taken when faced with a set…
People who use goods and services to satisfy their personal n…
Benefit
Monetary or non-monetary gain received because of an action t…
Budget
A spending-and-savings plan, based on estimated income and ex…
26 terms
Opportunity Cost
Benefit
Budget
Choice
Consumer
Monetary or non-monetary gain received because of an action t…
A spending-and-savings plan, based on estimated income and ex…
Decision made or course of action taken when faced with a set…
People who use goods and services to satisfy their personal n…
Benefit
Monetary or non-monetary gain received because of an action t…
Budget
A spending-and-savings plan, based on estimated income and ex…
16 terms
Opportunity Cost
Benefit
Budget
Choice
Consumers
Monetary or non-monetary gain received because of an action t…
A spending-and-savings plan, based on estimated income and ex…
Decision made or course of action taken when faced with a set…
People who use goods and services to satisfy their personal n…
Benefit
Monetary or non-monetary gain received because of an action t…
Budget
A spending-and-savings plan, based on estimated income and ex…
16 terms
opportunity cost
opportunity cost
opportunity cost is the hamburger exam…
what should consumers do before making…
factors of production
the value of what you decide to give up
opportunity cost is the hamburger example!
look at the opportunity cost
CELL- land, labour, capital, entrepreneurship
opportunity cost
the value of what you decide to give up
opportunity cost is the hamburger exam…
opportunity cost is the hamburger example!
9 terms
Opportunity cost
Production possibilities frontier
Ppf
Production efficiency
Tradeoff
The boundaries of goods that can be produced and those that c…
Tool for illustrating the effects of scarcity and it's circum…
Situation where we cannot produce more of one good without pr…
Giving up one thing to get something else
Production possibilities frontier
The boundaries of goods that can be produced and those that c…
Ppf
Tool for illustrating the effects of scarcity and it's circum…
15 terms
Opportunity cost
The true cost of choosing one alternat…
The one that you give up when the choi…
Trade offs are giving up 1 thing in or…
Macroeconomics are branches of economi…
Opportunity cost
Opportunity cost
Opportunity cost
Opportunity cost
The true cost of choosing one alternat…
Opportunity cost
The one that you give up when the choi…
Opportunity cost
16 terms
OPPORTUNITY COST
Benefit
Budget
Choice
Consumers
an advantage or profit gained from something.
an estimate of income and expenditure for a set period of time.
an act of selecting or making a decision when faced with two…
a person who purchases goods and services for personal use.
Benefit
an advantage or profit gained from something.
Budget
an estimate of income and expenditure for a set period of time.
Opportunity Cost
benefit
budget
choice
consumers
Monetary or non-monetary gain received because of an action t…
A spending-and-savings plan, based on estimated income and ex…
Decision made or course of action taken when faced with a set…
People who use goods and services to satisfy their personal n…
benefit
Monetary or non-monetary gain received because of an action t…
budget
A spending-and-savings plan, based on estimated income and ex…
16 terms
Opportunity Cost
Benefit
Budget
Choice
Consumers
Monetary or non-monetary gain received because of an action t…
A spending-and-savings plan, based on estimated income and ex…
Decision made or course of action taken when faced with a set…
People who use goods and services to satisfy their personal n…
Benefit
Monetary or non-monetary gain received because of an action t…
Budget
A spending-and-savings plan, based on estimated income and ex…
10 terms
Opportunity Cost
Decision making
opportunity cost
savings
choice
reaching a conclusion after considering alternatives and thei…
the second-best alternative (or value of that alternative) th…
money set aside for a future that is held in easily-accessed…
decision make or course of action taken when faced with a set…
Decision making
reaching a conclusion after considering alternatives and thei…
opportunity cost
the second-best alternative (or value of that alternative) th…
16 terms
Opportunity Cost
Benefit
Budget
Choice
Consumers
Monetary or non-monetary gain received because of an action t…
A spending-and-savings plan, based on estimated income and ex…
Decision made or course of action taken when faced with a set…
People who use goods and services to satisfy their personal n…
Benefit
Monetary or non-monetary gain received because of an action t…
Budget
A spending-and-savings plan, based on estimated income and ex…
16 terms
Opportunity Cost
Benefit
Budget
Choice
Consumers
Monetary or non-monetary gain received because of an action t…
A spending-and-savings plan, based on estimated income and ex…
Decision made or course of action taken when faced with a set…
People who use goods and services to satisfy their personal n…
Benefit
Monetary or non-monetary gain received because of an action t…
Budget
A spending-and-savings plan, based on estimated income and ex…
16 terms
OPPORTUNITY COST
Benefit
Budget
Choice
Consumers
Monetary or non-monetary gain received because of an action t…
A spending-and-savings plan, based on estimated income and ex…
Decision made or course of action taken when faced with a set…
People who use goods and services to satisfy their personal n…
Benefit
Monetary or non-monetary gain received because of an action t…
Budget
A spending-and-savings plan, based on estimated income and ex…
12 terms
Opportunity cost
Basic Economic Problem
Needs
Wants
Land
Resources are scarce but man's wants and needs are infinite.
Essential for us to live - warmth, food, shelter, water etc.
Not essential but we would like to have - iPhone, TV, Bike
All NATURAL RESOURCES used as raw materials - things that gro…
Basic Economic Problem
Resources are scarce but man's wants and needs are infinite.
Needs
Essential for us to live - warmth, food, shelter, water etc.
14 terms
Opportunity cost
Opportunity cost
Liquidity
Career planning
Career benefits
The value of what is give up when you choose 1 option over th…
The ability to convert a financial resource to cash while mai…
Is an ongoing process that can help you manage your learning…
Include various types of non- wage compensation provided to e…
Opportunity cost
The value of what is give up when you choose 1 option over th…
Liquidity
The ability to convert a financial resource to cash while mai…
10 terms
Opportunity Cost
incentives
utility
economize
People are motivated by what 3 things?
methods that help people reach a desired result
satisfaction from using a good/service
to make decisions based on the best combination of costs and…
1) incentives... 2) expected utility... 3) desire to economize
incentives
methods that help people reach a desired result
utility
satisfaction from using a good/service
11 terms
Opportunity Cost
goods
services
3 fundamental questions
4 factors of production
physical products
a service exchanged for a good
what, how and for whom is the product?
land, labor, capital, enterprise
goods
physical products
services
a service exchanged for a good
19 terms
Opportunity Cost
Define the phrase "Thinking at the Mar…
What does the phrase "Choosing is Refu…
The government is trying to maintain t…
What is opportunity cost?
The decision on whether or not to use an additional unit of s…
It means that one faces an opportunity cost for each decision…
The government will be able to improve the road system, encou…
The most desirable alternative given up as a result of a deci…
Define the phrase "Thinking at the Mar…
The decision on whether or not to use an additional unit of s…
What does the phrase "Choosing is Refu…
It means that one faces an opportunity cost for each decision…
10 terms
Opportunity Cost
How does a production possibility char…
On a production possibility curve, dat…
Which of the following has the largest…
One method for studying opportunity co…
It compares production numbers of one product to another.
Unobtainable production.
Limited Resources
Cause & Effect
How does a production possibility char…
It compares production numbers of one product to another.
On a production possibility curve, dat…
Unobtainable production.
10 terms
Opportunity Cost
Which of the following are examples of…
How does a production possibility char…
Which of the following illustrates an…
Venya and Kari own a flower shop that…
time and money
It compares production numbers of one product to another.
Amir only has time to study or to play basketball.
50
Which of the following are examples of…
time and money
How does a production possibility char…
It compares production numbers of one product to another.
10 terms
Opportunity Cost
Look at the sample production possibil…
Venya and Kari own a flower shop that…
How does a production possibility char…
Look at the equation framework.... Whic…
Y
50
It compares production numbers of one product to another.
profit, revenue, production cost
Look at the sample production possibil…
Y
Venya and Kari own a flower shop that…
50
15 terms
Opportunity Cost
Rescooperate Ice Cream shop recently a…
What is Ricardo's opportunity cost?
On a production possibility curve, dat…
Venya and Kari... How many plotted pla…
Correct: Profit
Correct: Choosing the promotion over time with his friends
Correct: Unobtainable production
Correct: 50
Rescooperate Ice Cream shop recently a…
Correct: Profit
What is Ricardo's opportunity cost?
Correct: Choosing the promotion over time with his friends
Opportunity Cost
Define the phrase "Thinking at the Mar…
What does the phrase "Choosing is Refu…
The government is trying to maintain t…
What is opportunity cost?
The decision on whether or not to use an additional unit of s…
It means that one faces an opportunity cost for each decision…
The government will be able to improve the road system, encou…
The most desirable alternative given up as a result of a deci…
Define the phrase "Thinking at the Mar…
The decision on whether or not to use an additional unit of s…
What does the phrase "Choosing is Refu…
It means that one faces an opportunity cost for each decision…
10 terms
Opportunity Cost
According to the "guns or butter" exam…
A(n) is the most desirable alternative…
For high school graduation, Ryan's fam…
When you are thinking on the margin, t…
a.... The country will have less money to devote to consumer goods
opportunity cost
d.... The shared experience and memories with high school friend…
b.... opportunity cost
According to the "guns or butter" exam…
a.... The country will have less money to devote to consumer goods
A(n) is the most desirable alternative…
opportunity cost
Opportunity Cost
Opportunity Cost
Opportunity Cost
Who makes economic decisions in the ma…
Who makes economic decisions in the tr…
value of the next alternative given up
the value should have a benefit and cost measured time, energ…
Individuals
Individuals-based on needs to survival
Opportunity Cost
value of the next alternative given up
Opportunity Cost
the value should have a benefit and cost measured time, energ…
7 terms
Opportunity Cost
What is opportunity cost?
What are some examples of opportunity…
Accounting cost v.s. opportunity cost
What are concepts involved in decision…
The net value of the forgone 'next-best' alternative. The cos…
Land use and time spent
Accounting - money spent on that decision.... Opportunity - mone…
Forecasting and prediction
What is opportunity cost?
The net value of the forgone 'next-best' alternative. The cos…
What are some examples of opportunity…
Land use and time spent
5 terms
opportunity cost
opportunity cost
why does the principle of opportunity…
who does it apply to
when is it a relevant consideration
what a person sacrifices when they choose one option over ano…
because of the problem of scarcity
consumers, producers, governments
when we have to make a choice when using scarce resources
opportunity cost
what a person sacrifices when they choose one option over ano…
why does the principle of opportunity…
because of the problem of scarcity
5 terms
11/7 Opportunity Costs
Alternative
Choice
Opportunity cost
Scarcity
One of many choices or courses of action that might be taken…
Decision made or course of action taken when faced with a set…
The second-best alternative (or the value of that alternative…
The condition that exists because human wants exceed the capa…
Alternative
One of many choices or courses of action that might be taken…
Choice
Decision made or course of action taken when faced with a set…
Opportunity Costs & Production
Alternative
Forgo
Benefit
Trade Off
a choice between two possibilities
to do without
advantage; anything that brings helpl, advantage, or profit;…
alternatives that must be given up when one is chosen over an…
Alternative
a choice between two possibilities
Forgo
to do without
13 terms
Opportunity costs and production possibilities
Alternative
Forgo
Benefit
Trade-off
Available as another possibility
Omit or decline to take (something pleasant or valuable) go w…
An Advantage or profit gained from something
An alternative that we sacrifice when we make a decision
Alternative
Available as another possibility
Forgo
Omit or decline to take (something pleasant or valuable) go w…
9 terms
Scarcity & Opportunity Costs
Scarcity
Why does scarcity exist?
Why do choices result in opportunity c…
Opportunity Cost
The condition of not being able to have all the goods and ser…
It exists because human wants for goods and services exceed t…
All choices have opportunity costs. Choices involve trade off…
The opportunity value of a choice is the value of the best al…
Scarcity
The condition of not being able to have all the goods and ser…
Why does scarcity exist?
It exists because human wants for goods and services exceed t…
Scarcity and Opportunity Costs
the study of individuals making choices
having limited resources compared to o…
the value of the next-best alternative…
ignoring the unseen consequences of so…
Economics
Scarcity
Opportunity Cost
The Broken Window Fallacy
the study of individuals making choices
Economics
having limited resources compared to o…
Scarcity
12 terms
Opportunity Costs and Production Possibilities
Alternative
Forgo
Benefit
Trade-off
Available as another possibility
Omit or decline to take (something pleasant or valueable); to…
An advantage or profit gained from somethign
An alternative that we sacrifice when we make a decision
Alternative
Available as another possibility
Forgo
Omit or decline to take (something pleasant or valueable); to…
32 terms
Supply, Marginal Costs, and Opportunity Costs
Marginal Costs
as production increases marginal cost.…
Opportunity costs
As marginal cost increases with produc…
the cost of producing additional goods and services
increases
the decision to produce goods and services at any level
Price.
Marginal Costs
the cost of producing additional goods and services
as production increases marginal cost.…
increases
9 terms
Economics: Tradeoff & Opportunity Costs
Tradeoffs
Opportunity cost
3 economic questions
Guns and butter
A choice between two or more things that have been measured i…
What you give up when you make a choice of one thing over the…
What, for whom, how
Tradeoffs that the government must face regarding the use of…
Tradeoffs
A choice between two or more things that have been measured i…
Opportunity cost
What you give up when you make a choice of one thing over the…
9 terms
PPC/PPF & Opportunity Costs
Trade offs
Opportunity Cost
Production Possibilities Curve
Production Possibilities Frontier
The alternatives we give up whenever we choose one course of…
Used by economists to measure the cost of decision; Most desi…
Depicts on how much of a particular product can be produced g…
Shows the possible output combinations of two goods or servic…
Trade offs
The alternatives we give up whenever we choose one course of…
Opportunity Cost
Used by economists to measure the cost of decision; Most desi…
11 terms
Opportunity Costs & Exchange
trade-off
opportunity cost
production possibilities curve
exchange
the alternative you face if you decide to do one thing rather…
Cost of the next best alternative use of money, time, or reso…
a curve showing the different combinations of two goods or se…
Process in which producers and consumers agree to provide one…
trade-off
the alternative you face if you decide to do one thing rather…
opportunity cost
Cost of the next best alternative use of money, time, or reso…
32 terms
Scarcity and Opportunity Costs
Opportunity Costs
Scarcity
Trade-off
Production Possibilities Curve
The highest valued alternatives that must be forgone when a c…
The shortage that exists when less of something is available…
Refers to the giving up of one good or activity in order to o…
A graphical representation showing all possible combinations…
Opportunity Costs
The highest valued alternatives that must be forgone when a c…
Scarcity
The shortage that exists when less of something is available…
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