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Economics > 1.3 Opportunity Cost > Flashcards

1.3 Opportunity Cost Flashcards

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1

Q

Define opportunity cost

A

The next best alternative forgone when making a decision

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Economics (23 decks)

1.1 The Nature of the Economic Problem

1.2 The Factors of Production

1.3 Opportunity Cost

1.4 Production Possibility Curves

2.1 Microeconomics & Macroeconomics

2.2 The Role of Markets in Allocating Resources

2.5-2.6 Price Determination/Changes

2.9 Market Economic System

2.10 Market Failure

2.11 Mixed Economic System

4.1 The Role of Government

4.2 Government Macroeconomic Aims

6.1 International Specialization

6.2 Globalisation, Free Trade and Protection

6.3 Foreign Exchange Rates

6.4 Current Account of Balance of Payments

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